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<p>According to cryptocurrency data provider <a href="https://twitter.com/santimentfeed/status/1755422786452094994?s=20" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>, Solana (SOL) is one of the few altcoins outperforming Bitcoin this week. In addition, the price is already up by 6% today. In a tweet, Santiment stated:</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="676" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-1024x676.png" alt="" class="wp-image-434587" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-1024x676.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-300x198.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-767x506.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-1536x1014.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-2048x1352.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-227x150.png 227w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-100x66.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-530x350.png 530w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-264-788x520.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-264.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>Source: <strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a></strong></em></p>
<p>“Solana is one of the few #altcoins outperforming #Bitcoin this week, surging back above $102. In the past 36 hours, $SOL / $BTC is +4.5%. The outage that concerned traders Monday ended up being a local bottom, with the #FUD fueling this price rebound.”</p>
<p>This suggests that the recent outage in the Solana network on Monday, which had concerned some traders, ended up marking a bottom price, at around $95, from which the cryptocurrency has rebounded. The fear, uncertainty, and doubt (FUD) around the outage seem to have fueled a 4.5% price increase for SOL against Bitcoin in the past 36 hours.</p>
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<p><strong>Bullish Technical Analysis Across All Timeframes </strong><br>According to an analysis from AltFIns, a crypto analytics firm, Solana’s price action currently looks bullish across short-, medium- and long-term timeframes.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-1024x573.png" alt="" class="wp-image-434579" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-768x430.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-2048x1147.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-263-788x441.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-263.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p>
<p>The analysis states that there is a bullish breakout setup from a descending channel pattern, which needs confirmation by a break above the $100 resistance level. If confirmed, the pattern suggests SOL could see 25% upside potential back towards $125. A stop loss is recommended at $93 in case the breakout fails.</p>
<p>Additionally, the overall trend across all timeframes remains in an uptrend. While momentum indicators are mixed, with a bullish MACD but neutral RSI, support zones exist around $80 and $65, while resistance sits at $100 (which has now turned to support) and $125. If the price, which is currently at $101 is to go to the next resistance, then it means that there is still much room to run.</p>
<p>You may also be interested in:</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-solana-sol-price-up-3/" rel="noopener noreferrer nofollow">Why Is Solana (SOL) Price Up?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is Solana (SOL) Price Up?

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