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Can Solana power through amid network challenges

2min Read

Solana saw an interesting reaction from SOL as the coin emerged with a price increase despite its downtime.

Solana resilience: Price shines amid network challenges

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  • SOL outperforms BTC by over 4%.
  • The Solana network has remained online after its major issue days ago.

The recent outage on the Solana [SOL] network garnered significant attention, particularly because it is a notable weakness. However, the SOL price shone through the gloom.

Solana continues uptrend

Analysis of Solana’s price trend on a daily timeframe showed an upward trajectory over the last three days. This surprising trend follows the recent challenges faced by the network.

In the past three days, SOL has grown over 5%. On 7th February, the price experienced a more than 4% increase, closing trading at $101.11.

At the time of this writing, SOL was trading with a slight increase, hovering around $101.6.

Solana daily timeframe price trend

Source: Trading View

Additionally, the recent upswing has moved the price trend above the small Moving Average (yellow line). This yellow line, initially a resistance, is now acting as immediate support.


Also, SOL was trending above its neutral line on the Relative Strength Index (RSI). At the time of this writing, the RSI was close to 60, indicating a strong bullish trend.

Also, according to a recent post from Santiment, Solana was one of the few coins that outperformed Bitcoin. The analysis showed it had gained over 4% more than BTC in the past few days.

Solana stays online after downtime

An examination of Solana’s status showed that leading up to its outage on 6th February, the network had maintained online status for the past 90 days. The status chart showed an impressive 99.77% uptime, with the downtime on 6th February lasting over four hours.

It’s worth noting that all other systems, excluding the mainnet, were operational on the day of the outage. Furthermore, the status report indicated that these other systems had not experienced downtime in the past 90 days.

Development activity and social dominance jumps

Analysis of Solana’s development activity on Santiment revealed a notable rise from when the mainnet went offline.

The chart illustrated that development activity increased to approximately 149 on 6th February and had risen to 153 at the time of this writing. This suggests that developers on the network intensified their efforts on the day of the downtime, and this heightened activity has persisted.

Solana social volume and development activity

Source: Santiment


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Another significant metric that experienced a spike was social dominance. Solana’s social dominance surged to nearly 7% on 6th February, signifying that it claimed that percentage of the overall discussion in the space.

At the time of this writing, the social dominance had decreased to about 3.5%.

 


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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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