Solana’s price has recovered dramatically after plummeting to a single-digit figure following the FTX exposure. When the token was among the top performers in 2024, the network again ceased operations because transactions were not processed due to outrage. This is not the first time the blockchain has failed to produce blocks; it has done so more than eight times in previous years.
Despite this, the SOL price continues to defend its lower support, indicating that market participants are optimistic about the token’s prospects. As the rounds of network outrage circulated within the space, some market participants became pessimistic about the upcoming rally. Some directional shorts were quickly placed as the SOL price fell slightly from $96.35 to $93.32.
As mentioned above, Solana has undergone this type of outrage ‘n’ number of times previously and has also overcome it with acute strength. Despite this, the traders didn’t stop using the chain in previous instances either. The shorts are piling up with the price barely going down and hence are expected to get rekt when the networks come back to life. With a negligible impact on the price, it has displayed remarkable strength. Hence, the SOL price is believed to trigger a fine upswing in the coming days.
A popular analyst, Altcoin Sherpa, remains bullish on SOL despite the outrage and believes the price may drop slightly to the $85 range before the next price action. Technically, the SOL price continues to defend the ascending trend line, which has been acting as a major support ever since it soared above the consolidation. With this, a greater possibility of a rebound emerges, which may elevate the price beyond $100 in the coming days.