Solana (SOL) has shown impressive resilience, surging by 6.56% in the last 24 hours to trade at $101, despite experiencing a major network outage. The outage on February 6th, which lasted for approximately 5 hours, did not deter traders, as SOL outperformed Bitcoin for the week, with its price exceeding $102. This positive performance has sparked optimism among investors, leading to a surge in the altcoin’s daily trading volume to $1.95 billion.
Solana’s recent growth has been remarkable, surpassing Ethereum and Avalanche with $13.4 million inflows into SOL investment products. Additionally, the influx of $707.8 million into crypto products last week has contributed to the global assets under management reaching $53 billion.
In the realm of decentralized exchanges, Solana has maintained its prominence, ranking second to Ethereum with a trading volume of $7.31.53 million and a Total Value Lock (TVL) of $1.74 billion, as reported by DefiLlama on February 8th.
Looking ahead, if the current upward trend continues, SOL may encounter resistance at $121.14, potentially initiating a rally towards $155.36 and even $187.76. Conversely, a reversal in the trend could see SOL testing support levels at $81.14 before potentially declining further to $47.79.
The global cryptocurrency market as a whole is reflecting positivity, with the total market cap rising by 3.42% to $1.7 trillion.