{"id":2457,"date":"2024-02-09T02:02:31","date_gmt":"2024-02-09T02:02:31","guid":{"rendered":"https:\/\/prendergast.net\/?p=2457"},"modified":"2024-02-09T02:02:31","modified_gmt":"2024-02-09T02:02:31","slug":"solana-price-shakes-off-5-hour-network-outage-makes-epic-comeback-above-100","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2457","title":{"rendered":"Solana Price Shakes Off 5-Hour Network Outage Makes Epic Comeback Above 100"},"content":{"rendered":"
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Solana Price Shakes Off 5-Hour Network Outage, Makes Epic Comeback Above $100<\/span><\/h1>\n

By Brenda Ngari<\/a> – February 8, 2024<\/p>\n

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Solana (SOL) token holders have something to smile about today. SOL is showing strength, rebounding above the $100 level after a five-hour network outage two days ago had investors worried that a deeper pullback would follow.<\/p>\n

SOL’s price recovery is in tandem with a crypto-wide rally, with Bitcoin, the oldest and largest cryptocurrency, gaining over 5% over the past 24 hours to top $45,000.<\/p>\n

SOL Pushes Back Above $100<\/span><\/h2>\n

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Solana’s SOL token is on a tear today. SOL, which had slumped below $94 after a major network outage<\/a> on February 6, has since recovered all that loss.<\/p>\n

The bounce is especially notable for SOL investors, serving as a breath of fresh air after the network suffered an approximately 5-hour outage on Tuesday, which one blockchain validator described as “performance degradation.”<\/em><\/p>\n

The price of SOL was hovering around $104.68 at publication time, an 8.9% jump on the day. SOL is the fifth-largest cryptocurrency at a market capitalization of approximately $44 billion. The Solana network had gone for nearly a year without experiencing any downtime before Tuesday’s disruption, which marks an impressive feat given its historic jankiness<\/a>.<\/p>\n

The Solana blockchain went live on mainnet beta in March 2020, focusing on delivering scalable solutions for a decentralized ecosystem rivalling Ethereum with faster transaction times and negligible costs. It is often touted as one of the blockchain networks with the most exciting developer communities.<\/p>\n

Solana has proven its resilience after the failure of one of its principal backers, Sam Bankman-Fried. Nevertheless, the SOL price has been trading sideways in recent weeks as it attempts to breach the $104 resistance.<\/p>\n

Solana Bullish Continuation In Sight?<\/span><\/h2>\n

 <\/p>\n

Market watchers think Solana is on the cusp of a bullish breakout. Former BitMEX CEO Arthur Hayes has recently expressed his support for SOL, noting<\/a> that “it is time to get back into the Solana train.” This optimism is, in part, due to the token’s solid fundamentals amid an explosion in activity in recent months.<\/p>\n

Solana Mobile is now preparing to launch a second Saga phone<\/a>, which will come with different hardware and a cheaper price point than its predecessor. There has also been speculation that Solana will get a spot exchange-traded fund in the future following Franklin Templeton’s bullish comments.<\/p>\n

The likelihood of SOL breaking past the $104 barrier in the near term and rallying to the $200 mark remains an open question, given that Solana still has to prove itself as a reliable network with 100% uptime.<\/p>\n

DISCLAIMER:<\/strong> None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.<\/p>\n

The original article written by Brenda Ngari<\/a> and posted on ZyCrypto.com<\/a>.<\/p>\n

Article reposted on Markethive by Jeffrey Sloe<\/a><\/p>\n

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing<\/a> at Commercial Funding International. **<\/strong><\/p>\n

<\/p>\n

Tim Moseley<\/p>\n","protected":false},"excerpt":{"rendered":"

Solana Price Shakes Off 5-Hour Network Outage, Makes Epic Comeback Above $100 By Brenda Ngari – February 8, 2024 Solana (SOL) token holders have something to smile about today. SOL is showing strength, rebounding above the $100 level after a five-hour network outage two days ago had investors worried that a deeper pullback would follow. … Continue reading Solana Price Shakes Off 5-Hour Network Outage Makes Epic Comeback Above 100<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[140,245],"_links":{"self":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2457"}],"collection":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2457"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2457\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}