With most cryptocurrencies entering a bullish phase, Bitcoin (BTC) has set the tone by surpassing the $46,000 mark. In this context, Solana (SOL) stands out by adding $2 billion to its market capitalization in just one day.
Solana’s market cap surged from $44.23 billion to $46.19 billion within 24 hours, marking a $1.96 billion increase and a growth of 4.43%. This data, from the crypto analytics platform CoinMarketCap, was reported on February 8.
The price analysis shows Solana trading at $105.91, with a 4.4% gain in the last 24 hours, a 5.18% increase over the previous seven days, and a 7.9% advancement on its monthly chart, rising above the psychological level at $100.
Remarkably, the bullish momentum of Solana, the fifth-largest asset in the crypto industry by market cap, follows the first network outage in a year. Despite this, Solana not only recovered its price but made even stronger progress.
According to analysts at crypto and blockchain analytics firm Santiment, Solana has outperformed Bitcoin this week, with Monday’s outage serving as a local bottom, fueling a price rebound.
Previously, the pseudonymous stock and crypto investor Jelle drew parallels between Solana’s movements and Ethereum (ETH) in 2020, hinting at the potential for SOL to follow a similar trajectory to reach $1,000.
Overall, Solana’s bullish movements align with the positive sentiment in the crypto market, contributing to overall optimism. It’s essential to conduct thorough research before investing, as conditions in this sector can change rapidly.
**Disclaimer:** The content provided does not constitute investment advice. Investment in cryptocurrencies is speculative, and capital is at risk.
