Solana Up 5%, Overcomes Outage Concerns As Analyst Says It Will 'Rally Higher Again'

Solana (CRYPTO: SOL) defied an outage and is up 5% on the day, underscoring bullish sentiment among cryptocurrency traders.

What Happened: While the Solana outage caused prices to drop briefly, it marked a local bottom. Santiment data indicated quickly improving sentiment to lead the 5.4% single-day rebound.

Rising investor interest and optimism are indicated by its expanding 24-hour trading volume, up 82%, and a 7% increase in open interest to $1.5 billion based on CoinGlass data.

Also Read: Solana At $105 Has Analysts Bullish - 'It Will Converge On Ethereum Faster Than Most Believe'

Why It Matters: Jupiter’s pseudonymous founder, Meow, highlighted on X that the decentralized exchange will bring “3 OG projects to the community to introduce themselves, share their plans, and potentially launch their tokens.”

The announcement by the decentralized exchange can be seen as a sign of a stable and rising interest in Solana.

In the latest Coinshares Digital Asset Fund Flows Weekly report, Solana was the only asset along with Bitcoin that received significant weekly inflows ($13.4 million) compared to just $3 million in the past week.

Solana's technical glitch was remedied quick response and the network up and running, underscoring the community’s optimism and trust in the network.

Matthew Dixon, CEO of EVAI Crypto Ratings, expects Solana to rally higher again:

Expect that the wave 4 (blue) correction lower, is not yet complete for #SOL with wave 4 expected to reach the territory of the previous wave 4 (red) of lesser degree. Following this $SOL should rally higher again - despite the recent technical glitch #Solana outlook is positive. pic.twitter.com/xYk5vujIlS

— Matthew Dixon - CEO Evai (@mdtrade) February 8, 2024

With altcoin continue to look promising, Solana could be the one leaders in price performance.

Read Next: Solana Addresses Rocket Past 10M, Analyst Targets $140: 'Ready For Upward Continuation'