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Solana (SOL), known for its scalability, transaction speeds, and high performance, remained elevated over the previous week despite network outage uncertainties. It gained 17.88% on its weekly chart, outpacing Binance Coin (BNB) by market capitalization.
Source -Coinmarketcap
Developers and investors remain confident despite Solana network outage
While Solana’s latest network outage reflects the platform’s vulnerability, the swift comeback shows investor and developer confidence in SOL’s longer-term potential.
Solana retained impressive developer activity despite the outage. The surging new users, projects and active decentralized applications (Dapps) showcase the blockchain’s potential for modernization.
During January 2024, Solana saw a new record of nearly 12 million new addresses added to the network. This is an all-time high, with the combination of rapid growth of the Solana community.
— Tanya Jackson (@TannyJ2) February 5, 2024
Further, the Solana network continues to draw institutional participants. Top exchanges and investment companies have revealed plans to integrate with the crypto project, suggesting mainstream acceptance.
Besides onboarding several Web3 projects, the Solana network has seen swift expansion as it attracts new decentralized finance (DeFi) platforms and non-fungible tokens (NFTs) marketplaces. That helps the digital coin draw investors with various wants.
SOL price outlook
Solana traded at $112.99 at press time, and it seems ready for more surges. The altcoin overcame a crucial resistance at around $115 recently, suggesting a potential bull comeback.
Nonetheless, the Relative Strength Index is nearing overbought. RSI’s position indicates a possible retracement before more SOL price upticks. Enthusiasts should watch the vital supports at $95 and 93 for entry opportunities upon declines.
The post Solana flips Binance Coin (BNB) in market cap despite SOL’s network outage appeared first on Invezz
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