- Price Dip and Network Congestion: SOL experienced a temporary setback, with its price dropping to $93 on February 6th, attributed to network congestion and a market crash.
- Swift Rebound: Solana demonstrated resilience by swiftly getting its network back online, accompanied by a remarkable price recovery of 20% within a span of 4 days.
- Outperformance Against BTC: Despite market challenges, SOL/BTC saw a notable surge of 4.5% the previous week, positioning Solana as one of the select altcoins that outperformed Bitcoin, as reported by Santiment.
- Buying Pressure from Negative Sentiment: Santiment suggests that the negative sentiment stemming from the recent network outage contributed to increased buying pressure, subsequently aiding the rise in $SOL 's price.
- Chart Signals Potential Breakout: Analyzing the SOL/USD chart reveals a promising sign, indicating a potential breakthrough above the $126 resistance level. This suggests a positive trajectory for Solana's price in the near future.

In a recent upheaval, Solana (SOL) encountered a network outage that tested its resilience. Despite this setback, Solana has swiftly rebounded, showcasing its robustness amidst adversity.
Following an official statement addressing the technical glitch, Solana has not only recovered but also demonstrated remarkable performance, outpacing Bitcoin as reported by Santiment.
The outage, which rendered the SOL mainnet inaccessible for a period of five hours, was attributed to a sudden surge in transaction volume, causing network slowdown and subsequent crash.
However, collaborative efforts between validators and the SOL team facilitated a prompt network restart, restoring functionality and addressing the underlying issue.
While the incident initially impacted SOL's price, resulting in a temporary decline to $93, the cryptocurrency has since regained momentum, currently trading at $108.03, marking a notable recovery.
Santiment's analysis indicates SOL's exceptional performance relative to Bitcoin, with SOL/BTC registering a significant uptick of +4.5% as of February 10th.
Furthermore, SOL's development activity has resumed, with the network's challenges inadvertently contributing to its price enhancement, according to Santiment.
Technically, SOL has demonstrated a strong rebound from the $79 support level, reaffirming its upward trajectory. With SOL utilizing the 20-day EMA as support and poised to breach the $126.36 high from December 25th, the cryptocurrency shows promise of sustained growth.
However, potential fluctuations may see SOL revisiting support levels around $108-$106 in the event of a price decline from the $126 mark.
Disclaimer: While efforts are made to provide accurate information, it is essential to acknowledge the inherent volatility of cryptocurrencies and conduct thorough research before making investment decisions. Voice of Crypto disclaims responsibility for any missing facts or inaccuracies in the provided information.

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- Bitcoin hit a milestone this week, reaching $50,000, marking its highest price since November 2021.
- With a market cap nearing $1 trillion, Bitcoin now surpasses giants like Berkshire Hathaway and is poised to outperform Meta.
- The rapid accumulation of Bitcoin by ETFs is contributing to its price surge.
- Various metrics including Open Interest, Long-short ratio, and liquidations indicate significant bullish momentum in the market.
Over the past week, Bitcoin's bullish momentum has been evident, driving its price from $43,000 to $50,000. This surge has positioned Bitcoin at its highest point since November 2021, eliciting positive reactions across the cryptocurrency market. However, amidst this optimism, uncertainties loom regarding the continuation of this bullish trend and the potential for a price decline. Questions arise about how far Bitcoin can ascend from its current level.
While awaiting clarity on these matters, it's essential to consider three significant developments concerning Bitcoin this week:
1. Bitcoin's Market Cap Race:
With Bitcoin surpassing the $50,000 milestone, its market capitalization now stands at approximately $982.8 billion, inching closer to the monumental $1 trillion mark. This achievement places Bitcoin ahead of prominent entities such as Berkshire Hathaway, Tesla, and Visa, positioning it to potentially surpass Meta (formerly Facebook) in terms of market capitalization. Presently, Meta's market cap hovers around $1.195 trillion, but if Bitcoin reaches $66,000 per coin, it could surpass Meta and even Silver. Nevertheless, Bitcoin faces formidable contenders like Saudi Aramco, Microsoft, and Apple, which boast market caps ranging from $2.1 trillion to $2.7 trillion. To challenge these corporate giants directly, Bitcoin would need to trade above $100,000 per coin, marking its 2024 price target. Ultimately, Bitcoin's ultimate market cap target is gold, the most valuable asset class globally, with a market cap of $13.65 trillion. However, reaching this milestone would require Bitcoin to trade at approximately $650,000 per coin, a feat analysts do not foresee happening in this cycle.
2. Bitcoin ETFs' Surging Demand:
Bitcoin Exchange-Traded Funds (ETFs) have witnessed a surge in popularity and investor inflows in recent months. These financial instruments now collectively hold billions of dollars' worth of Bitcoin. Notable Bitcoin ETFs include Blackrock's BITC, Fidelity's FBTC, Ark 21Shares' ABTC, and Invesco-Galaxy's GBTC. Anthony Pompliano, a prominent Bitcoin investor and influencer, highlighted the significant impact of ETFs on Bitcoin, noting that they have absorbed 5% of the entire tradable supply of Bitcoin in just 30 days. Pompliano emphasized that spot Bitcoin ETFs are acquiring Bitcoin at a rate 12.5 times faster than the network can produce.
3. Bitcoin's Liquidation and Open Interest Trends:
Data from CoinGlass reveals a substantial increase in short liquidations on Bitcoin, reaching $60.56 million in the last day, the highest level since January 8, 2024. Additionally, Bitcoin's open interest rate has surged to approximately $21.74 billion, marking its highest level since November 12, 2021. The long-short ratio for Bitcoin currently stands at 1.01, indicating a slight dominance of bulls over bears. These trends collectively contribute to a bullish outlook for Bitcoin's price, suggesting the potential for further upward movement.
It's crucial to recognize that the cryptocurrency market is highly volatile, and fluctuations are common. While efforts are made to provide accurate and timely information, readers are encouraged to conduct thorough research and exercise caution when making financial decisions. Voice of Crypto strives to deliver reliable insights but disclaims responsibility for any inaccuracies or omissions.

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