Solana’s native token, SOL, has surpassed the $100 mark, rebounding from a recent price dip triggered by a network outage, as traders speculate on an imminent “extreme move” in the cryptocurrency’s price trajectory.
Following a brief network outage, SOL swiftly regained momentum, with one trader suggesting that the token is poised for its next significant price swing. Currently trading at $102, SOL has posted a 5% gain over the past 24 hours, outperforming other major cryptocurrencies.
Solana’s bullish surge was accompanied by a notable uptick in Cardano’s ADA, both leading Thursday’s gains in the crypto market. Bitcoin’s rally to four-week highs above $45,000 injected renewed vigor into the broader market, with SOL and ADA showcasing resilience and outpacing BTC’s daily advance of 3%.
Despite a challenging period marked by network disruptions, SOL has emerged as a standout performer within the CoinDesk 20 Index (CD20), which tracks the performance of leading crypto assets. SOL’s resilience and ability to reclaim the $100 level underscore investor confidence in the token’s long-term prospects.
Renowned pseudonymous crypto trader Wick highlighted SOL’s potential for further gains, noting a chart pattern reminiscent of previous instances that preceded significant price movements. Wick’s observation suggests the possibility of an “extreme move” in SOL’s price trajectory, further fueling optimism among traders.
While SOL and ADA spearheaded Thursday’s gains, the broader altcoin market also exhibited bullish sentiment, with analysts pointing to a reset in sentiment from the frothy levels seen late last year. Caleb Franzen, an industry expert, emphasized the positive outlook for altcoins amidst a rejuvenated crypto market landscape.
As Solana continues to garner attention and exhibit resilience amid market fluctuations, traders remain watchful for potential catalysts that could trigger the anticipated “extreme move” in SOL’s price, shaping the trajectory of the broader cryptocurrency market.
