Solana outperforms Bitcoin; SUN on the rise

The Solana (SOL) cryptocurrency is on the rise today, showing an impressive recovery in recent days even after the network experienced a significant halt in block production this week, leading to a pause in its operation at the beginning of the week. Solana’s recovery elevated the cryptocurrency to outperform Bitcoin (BTC).

Solana’s performance is one of the few altcoins that managed to surpass Bitcoin’s this week, showing a rise above US$102, according to the cryptocurrency analysis platform, Santimente, on February 7.

According to the analysis, the outage on the Solana network that happened on February 5th turned out to be a local bottom and FUD (fear of missing out) fueled the current price recovery of the fifth largest asset in the market.

“Solana is one of the few altcoins outperforming Bitcoin this week, rising above $102. In the last 36 hours, $SOL/$BTC is up 4.5%. The disruption that worried traders on Monday turned out to be a local bottom, with FUD fueling this price recovery,” he wrote.

📈 #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. https://t.co/lUC0DBS5B3 pic.twitter.com/1NTk5R4QBj

— Santiment (@santimentfeed) February 8, 2024

At the time of publication, the price of Solana was quoted at US$101.11, up 5.8% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$2,379,461,189. Solana price has increased by 6.3% in the last seven days.

Outage on the Solana Blockchain

The Solana blockchain, known for its ability to process transactions quickly and efficiently, found itself in an unusual situation. At around 10:22 UTC, the network experienced a significant outage in block production, leading to a pause in its operation. This outage was confirmed by Solana Blockchain Explorer, which highlighted a “major outage” in its core functionality.

The online community quickly noticed that the Solana blockchain had been down, not producing new blocks for more than 25 minutes – a considerable period, especially for a network that prides itself on a block production time of just 400 milliseconds. This raised immediate concerns among users and investors, given Solana’s reputation for high performance.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.