SOlana
Solana Price Outlook: Targeting $120 Amidst Support at $95?
The trajectory of Solana's market in February 2024 looks promising, with the cryptocurrency displaying a bullish trend. Over the past 24 hours, there has been a notable increase of 1.77%, pushing the price to $95.33. This uptick follows a brief period of downward pressure that saw SOL briefly dip below the critical support level of $95. However, with bullish momentum resurfacing, there are indications of a potential rebound.
Market Dynamics Indicate a Bullish Trend for Solana
Solana has been range-bound in recent trading sessions, fluctuating between $94 and $95. This pattern underscores a tug-of-war for market control, with neither bulls nor bears gaining a definitive edge. Nonetheless, the recent upsurge suggests a shift towards a more optimistic sentiment in the market. With a market capitalization of around $41 billion, Solana holds the position of the fifth-largest cryptocurrency by market size.
The Solana team recently addressed a network outage lasting approximately 5 hours. Prior to the resolution, SOL's price had dipped from $96 to $92.88, marking a decline of over 4%. While this setback has somewhat tempered expectations of a swift return above the $100 mark, its relatively modest impact on price reflects investors' increasing resilience to such disruptions.
Blockchain data indicates that Solana's transaction processing resumed around 15:00 UTC after a halt that commenced at 09:52 UTC. Despite this interruption, the investment community maintains an optimistic outlook on SOL's price, bolstered by bullish sentiments. Long-term Solana investors are accustomed to such interruptions, having witnessed similar occurrences on multiple occasions
