Solana

Bitcoin

<div class="finbold">
 <p class="paragraph">With the majority of assets in the cryptocurrency sector back into bullish mode, headed by the industry’s representative, Bitcoin (BTC), which has already surpassed the $46,000 price mark, Solana (SOL) is no exception, having added $2 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> to its market capitalization in a single day.</p>
 <p class="paragraph">As it happens, Solana’s market cap raced from $44.23 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> to $46.19 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in mere 24 hours, which means it has added as much as $1.96 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> and grown by 4.43% during this period, as per the latest information obtained from crypto analytics platform <em>CoinMarketCap</em><em> </em>on February 8.</p>
 <figure class="wp-block-image"><img decoding="async" width="1200" height="800" src="https://cdn.thebittimes.com/images/2024/02/09/d8f296f797d9963251a9a0046a73d427.webp" alt class="wp-image-154009" srcset="https://cdn.thebittimes.com/images/2024/02/09/d8f296f797d9963251a9a0046a73d427.webp 1200w, https://cdn.thebittimes.com/images/2024/02/09/d8f296f797d9963251a9a0046a73d427.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/d8f296f797d9963251a9a0046a73d427.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/d8f296f797d9963251a9a0046a73d427.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px">
  <figcaption class="wp-element-caption"><em>Solana 24-hour market cap chart. Source: </em><em>CoinMarketCap</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-solana-price-analysis">Solana price analysis</h2>
 <p class="paragraph">In the meantime, Solana is back above the critical psychological level at $100 and is presently trading at the price of $105.91, recording a 4.4% gain in the last 24 hours, as well as adding 5.18% across the previous seven days, and advancing 7.9% on its monthly chart.</p>
 <figure class="wp-block-image"><img decoding="async" width="1200" height="800" src="https://cdn.thebittimes.com/images/2024/02/09/124284a98ffaca3e06b1346911426cec.webp" alt class="wp-image-154012" srcset="https://cdn.thebittimes.com/images/2024/02/09/124284a98ffaca3e06b1346911426cec.webp 1200w, https://cdn.thebittimes.com/images/2024/02/09/124284a98ffaca3e06b1346911426cec.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/124284a98ffaca3e06b1346911426cec.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/124284a98ffaca3e06b1346911426cec.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px">
  <figcaption class="wp-element-caption"><em>Solana 7-day price chart. Source: </em><em>Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Notably, the significantly bullish activity of the currently fifth-largest asset in the crypto industry by market cap is taking place after the first network outage in a year, which occurred earlier this week, and Solana has not only managed to recover its price but has made an even stronger advance.</p>
 <figure class="wp-block-image"><img loading="lazy" decoding="async" width="900" height="594" src="https://cdn.thebittimes.com/images/2024/02/09/ee85b318aebc8e710242eb43a4d403a8.webp" alt class="wp-image-154011" srcset="https://cdn.thebittimes.com/images/2024/02/09/ee85b318aebc8e710242eb43a4d403a8.webp 900w, https://cdn.thebittimes.com/images/2024/02/09/ee85b318aebc8e710242eb43a4d403a8.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/ee85b318aebc8e710242eb43a4d403a8.webp 768w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption"><em>Solana price analysis after network outages. Source: </em><em>Santiment</em>
  </figcaption>
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 <p class="paragraph">According to analysts at crypto and blockchain analytics firm <em>Santiment</em>, “Solana is one of the few altcoins outperforming Bitcoin this week,” with Monday’s outage “ended up being a local bottom, with the FUD fueling this price rebound,” as they observed in an X post on February 8.</p>
 <p class="paragraph">Earlier, the pseudonymous stock and crypto investor <em>Jelle</em> pointed out the similarities between the movements of Solana and Ethereum (ETH) in 2020, “just before it went from $350 to $3,500 in a matter of months,” wondering if the same scenario would play out with SOL as well, in which case it would cross $1,000.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="550" src="https://cdn.thebittimes.com/images/2024/02/09/aca10e3fcf368a424f04caa9a2a9322a.webp" alt class="wp-image-154013" srcset="https://cdn.thebittimes.com/images/2024/02/09/aca10e3fcf368a424f04caa9a2a9322a.webp 1024w, https://cdn.thebittimes.com/images/2024/02/09/aca10e3fcf368a424f04caa9a2a9322a.webp 300w, https://cdn.thebittimes.com/images/2024/02/09/aca10e3fcf368a424f04caa9a2a9322a.webp 768w, https://cdn.thebittimes.com/images/2024/02/09/aca10e3fcf368a424f04caa9a2a9322a.webp 1536w, https://cdn.thebittimes.com/images/2024/02/09/aca10e3fcf368a424f04caa9a2a9322a.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Solana vs. Ethereum price action analysis. Source: </em><em>Jelle</em>
  </figcaption>
 </figure>
 <p class="paragraph">All things considered, Solana is acting in line with the general sentiment in the crypto market and contributing to the overall optimism with its own exceptionally bullish movements. However, things in this sector can change rapidly, so doing one’s own research is essential before investing.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/2-billion-flows-into-solana-in-a-day-why-sol-is-pumping-tbt79349.html">https://thebittimes.com/2-billion-flows-into-solana-in-a-day-why-sol-is-pumping-tbt79349.html</a></p>

$2 billion flows into Solana in a day; Why SOL is pumping

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