- Solana experiences a 6% upside after recovering from a disruption, indicating its strength and ability to overcome technical challenges.
- Supported by prominent figures and with a rising crypto market, Solana shows promising potential for growth and stability.
The recent 6% upside in Solana’s price after overcoming a downturn in its network marks positive momentum for the cryptocurrency. This improvement restores confidence to SOL holders, reflecting the strength of the network in the face of technical challenges.
After nearly a year without major disruptions, this incident tested Solana’s stability, but its quick recovery highlights the robustness and responsiveness of its infrastructure.
Solana’s Rise in a Favorable Market
Solana’s rise comes at a time of general optimism in the cryptocurrency market, with Bitcoin leading the way with a 4% increase in the last 24 hours. This environment benefits Solana, highlighting its ability to grow and recover even after setbacks.
SOL has moved from $95.35 to its current position of $101.3, a move that indicates a solid recovery. This momentum has been bolstered by the fact that SOL has outperformed its 10-day price average, a positive sign for bullish investors.
Since January 23, when Solana was trading at $78, the token has shown an upward trend, outperforming both the average price of the last 55 days and the average price of the last 10 days.
Broad Market Impact Support
The backing of prominent figures in the cryptocurrency sector, such as Arthur Hayes, who recently expressed his confidence towards Solana, indicates a promising future for the blockchain.
Thundercats HOOOO!!!!!$SOL = $100 pic.twitter.com/CjKizsEMiL
— Arthur Hayes (@CryptoHayes) December 6, 2023
This support, especially following Solana’s recovery after the downtrend triggered by the FTX collapse, plays a crucial role in affirming Solana’s value and visibility within the cryptocurrency community.
The cryptocurrency market, on an upward trajectory, with total market cap up over 3% to $1.79 trillion, also contributes to a positive environment for Solana. If the market reaches $2 trillion, it would mark the highest point since April 2022.
Among the top cryptocurrencies by market cap, Cardano and Solana lead the gains in the last 24 hours, with increases of 11.5% and 7.4%, respectively.
In addition, the recent DYM token, delivered to SOL holders, has seen a 26% increase over the past day, nearly doubling its initial trading price since Tuesday.
