{"id":2464,"date":"2024-02-13T18:03:58","date_gmt":"2024-02-13T18:03:58","guid":{"rendered":"https:\/\/prendergast.net\/?p=2464"},"modified":"2024-02-13T18:03:58","modified_gmt":"2024-02-13T18:03:58","slug":"solana-bulls-bounce-back-from-network-outage-mounts-vigor-for-new-sol-high","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=2464","title":{"rendered":"Solana Bulls Bounce Back from Network Outage Mounts Vigor For New SOL High"},"content":{"rendered":"
<\/div>\n

Solana Bulls Bounce Back from Network Outage, Mounts Vigor For New SOL High<\/span><\/h1>\n

By Newton Gitonga<\/a> – February 13, 2024<\/p>\n

<\/p>\n

Solana has demonstrated remarkable resilience following the recent network outage, with SOL reclaiming its position above the $100 mark and surpassing Bitcoin in performance this week.<\/p>\n

The recovery comes after a minor dip to $92.91 on Tuesday during a major network disruption<\/a> lasting approximately 4 hours and 46 minutes, marking the first outage since early 2023.<\/p>\n

According to a report from Solana Status, block production on Solana’s mainnet beta resumed at 14:57 UTC on Wednesday, following a successful upgrade to version 1.17.20 and a restart of the cluster by validator operators.<\/p>\n

In a detailed blog by the WU Blockchain team, journalist Colin Wu highlighted the challenges faced by Solana, particularly its periodic crashes due to transaction volume overload.<\/p>\n

“Looking back at historical network events, we will find that the emergence of a large number of transactions is the main reason for the historical network disruption, which may be related to Solana’s mechanism,”<\/em> wrote<\/a> Wu, quoting Hu Zhiwei, president of the Boundary Intelligence Research Institute.<\/p>\n

Wu further recommended several key areas to enhance Solana’s resilience, including improving infrastructure, optimizing the consensus mechanism, enhancing software robustness, and refining validator incentivization.<\/p>\n

Notably, this outage adds to a series of historical network failures experienced by Solana, including incidents in May 2021, September 2021, January 2022, and February 2023, among others.<\/p>\n

Nevertheless, despite these setbacks, sentiment surrounding Solana remains positive, with some viewing the recent outage as a potential blessing in disguise. On Thursday, popular on-chain analytics platform Santiment emphasized how Solana has outperformed Bitcoin this week, with its price surging above $110 and experiencing a 21.5% increase against Bitcoin’s 16.91 in the past 36 hours.<\/p>\n

The firm further noted that the outage that initially caused concern among traders “ended up being a local bottom, with the FUD fueling this price rebound.”<\/em><\/p>\n

Furthermore, the firm highlighted how development activity on the Solana platform has been on the rise, indicating ongoing efforts to address network scalability and stability issues.<\/p>\n

<\/p>\n

That said, SOL is projected to keep soaring<\/a>, with the price recently having bounced off yearly support around $80. Presently, price faces a minor resistance at $120. Should the price breach and hold above this ceiling, the next target is the December 2023 high of $125 and then $150.<\/p>\n

At press time, SOL was trading at $113.95, up 21.10% in 24 hours, with trading volume surging by 91.53% to $2.8 billion. Notably, between October 15 and December 25, 2023, SOL gained about 460%, making it one of the largest gainers among the top ten cryptocurrencies by market capitalization.<\/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 Newton Gitonga<\/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 Bulls Bounce Back from Network Outage, Mounts Vigor For New SOL High By Newton Gitonga – February 13, 2024 Solana has demonstrated remarkable resilience following the recent network outage, with SOL reclaiming its position above the $100 mark and surpassing Bitcoin in performance this week. The recovery comes after a minor dip to $92.91 … Continue reading Solana Bulls Bounce Back from Network Outage Mounts Vigor For New SOL High<\/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\/2464"}],"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=2464"}],"version-history":[{"count":0,"href":"https:\/\/prendergast.net\/index.php?rest_route=\/wp\/v2\/posts\/2464\/revisions"}],"wp:attachment":[{"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prendergast.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}