solana-sol

#Write2Earn Solana currently in situation where it needs much more momentum
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of @WISE PUMPS . The financial and market information provided on @WISE PUMPS is intended for informational purposes only. @WISE PUMPS is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
#Solana-SOL is showing signs of a potential double top pattern on its price chart — a bearish formation that could spell trouble for the short-term price action on the #SOL/USD chart. This pattern, characterized by two consecutive peaks at approximately the same level, can indicate that a reversal from the current uptrend may be imminent.
The price of $SOL recently faced resistance near the $100.60 mark, where the second peak of the potential double top is forming. A failure to break through this level could see SOL retreating to find support.
SOL/USD Chart by #tradingview
The first local target on the downside would be the $95.07 level, which previously acted as both support and resistance. A breach below this point may lead to a test of the more critical support at $77.08, a level that could be decisive for the medium-term market sentiment around SOL.
If SOL breaks below these support levels, it may confirm the double top reversal, potentially triggering further declines toward the $59.37 area. This level may serve as a crucial psychological and technical support, beyond which there is a substantial void until the next significant support zone.
The ecosystem's growth, while robust, has recently been overshadowed by concerns over the failed Jupiter airdrop and the controversies surrounding token allocations. Such events can impact investor confidence and contribute to potential price declines, as market participants reassess the network's governance and the project's execution capabilities.
Despite these challenges, there is a bullish scenario to consider. If SOL can maintain its foothold above the $77.08 support and invalidate the double top pattern by breaking above $100.60, it could negate the bearish outlook and pivot toward growth. A successful retest of the $100.60 level as support instead of resistance would open the door for SOL to target higher levels, possibly reaching new highs if broader market sentiment turns favorable.#TrendingTopic

#Write2Earn In the last 36 hours, #SOL/BTC surged by 4.5%, signaling a positive shift for Solana post-outage, reassuring traders of a potential rally ahead.
STORY HIGHLIGHTS
Solana outperforms the broader crypto market, surging 4.5% extra over #BTC .
The #Solana-SOL network activity takes a minor hit after the recent outage incident.
If the $SOL price break $110 resistance, it can rally further to $170.
As the broader cryptocurrency market registers a formidable recovery by surging 3.5% in the last 24 hours, Solana registers the most gains shooting past $100. At press time, the SOL price is up 6.58% currently trading at $101.73 with a market cap of $44.4 billion.
Solana Rebounds Strongly, Outperforms Bitcoin
According to on-chain data provided by Santiment, Solana (SOL) has emerged as one of the standout performers among altcoins this week, showcasing a notable surge in value compared to Bitcoin. The cryptocurrency has surged back above the $102 mark, indicating a resurgence in investor confidence.
Over the past 36 hours, the SOL/BTC pair has experienced a significant increase of 4.5%, marking a positive turn of events for Solana. This surge comes in the aftermath of an outage that had concerned traders earlier in the week. Interestingly, what was initially perceived as a setback for Solana turned out to be a local bottom, with the fear, uncertainty, and doubt (FUD) surrounding the outage serving as a catalyst for the subsequent price rebound.
Courtesy: Santiment
Earlier this week on Tuesday, February 6, the Solana blockchain network suffered a massive outage with 5-hours of downtime. Later, the blockchain network resumed production as developers released an upgrade to v1.17.20 and a restart of the cluster by validator operators.
The downtime occurred because of a malfunction in the BPF loader, also known as the “Berkley Packet Filter,” which is responsible for deploying, upgrading, and executing programs on the Solana network. To resolve the issue, developers have reworked the BPF code lines on the development network.
On-chain Indicators and SOL Price Prediction
On January 31, the Solana blockchain logged its highest number of active users on the layer-1 network since its inception in 2020, reaching a total of 875,940 users. However, as per the data from Token Terminal, the network activity has been on a bit of a decline in the first week of February. Besides, the network activity seems to have taken a further hit amid the outage episode.
Courtesy: Token Terminal
On the upside, the major resistance level for Solana stands at $110. If the SOL price manages to breach that, it could stage another 50% rally all the way to $170. #TrendingTopic