This Altcoin Runs Better Than Bitcoin! "The big move is coming!"

Solana has experienced a recent network outage. This outage led to a drop in the price of its native token SOL. However, the altcoin erased these losses and rose above $100. Crypto analytics platform Santiment has highlighted Solana's performance. Analysts note that the broader altcoin market is also showing signs of recovery from oversold levels.

Solana stands out, outperforming Bitcoin

As you can see from Kriptokoin.com, Bitcoin (BTC) has risen to four-week highs above $46,000. Thus, the crypto market began to revive. Solana (SOL) and Cardano (ADA), on the other hand, led the gains among major cryptocurrencies.

SOL, the fifth-largest token by market cap, erased its price drop and reclaimed the $100 level when the Solana network experienced a five-hour outage. It changed hands at $104.5, up 3.5% in the last 24 hours. ADA has risen even higher, an advance of 4.6% over the same period. Analytics platform Santiment pointed out that Solana is outperforming Bitcoin:

Solana is one of the few altcoins to outperform Bitcoin this week, rising above $102. SOL/BTC + 4.5% in the last 36 hours. The outage that worried traders on Monday was a local bottom with FUD fueling this price rebound.

📈 > #Solana is one of the few #altcoins outperforming #Bitcoin this week, surging back above $102. In the past 36 hours, $SOL / $BTC is +4.5%. The outage that concerned traders Monday ended up being a local bottom, with the #FUD fueling this price rebound. pic.twitter.com/1NTk5R4QBj

— Santiment (@santimentfeed) February 8, 2024

Analyst: Altcoin is preparing for its next impulsive move!

SOL and ADA were the only cryptocurrencies in the broad-market CoinDesk 20 Index to outperform Bitcoin's daily progress. Wick, a crypto analyst and trader with a large following, is hopeful about SOL. Along these lines, the analyst suggests that there will be more gains for SOL. Pointing to the recent price action, the altcoin is in the process of forming a chart pattern similar to the one seen in October and December before major moves. In this context, Wick makes the following statement:

Solana prints a shaded 'squeeze' area. This usually warns that an extreme movement is approaching! This is the maximum pain move on Solana, as everyone goes short when the blockchain is down. I tried to warn everyone to stay bullish.

$SOL

Solana printing a shaded squeeze area. This usually warns up of an extreme move incoming!

This is max pain move on Solana as everyone put on shorts while the chain was down. I tried to warn everyone to stay bullish 💯

LFG 🟢🟢🟢 pic.twitter.com/bFGS70GxVg

— Wick (@ZeroHedge_) February 8, 2024

"**The altcoin market is showing signs of bouncing!" **

Caleb Franzen, founder of Cubic Analytics, notes that while other major cryptocurrencies mostly lag behind SOL and BTC, the outlook for the broader altcoin market has been bullish as the frothy sentiment of late last year has been reset. Franzen looks at the total market capitalization of cryptocurrencies excluding BTC and ETH (TOTAL.3). This indicator on TradingView acts as a proxy for altcoins. The analyst says that this indicator has retested an important accumulation zone. He also notes that he is now showing signs of bouncing off oversold levels. In this direction, the analyst shares the following assessment:

TOTAL.3 broke above the accumulation zone, tested it again, and is now showing signs of recovery. This looks like bullish price action... Because it is! The 30-day Williams%R Oscillator is (shortly) oversold. It also proved that sentiment in the altcoin universe has been reset.

$TOTAL.3 broke above the accumulation zone, retested it, and is now showing signs of rebounding.

This seems like bullish price action... because it is!

The 30-day Williams%R Oscillator became oversold (briefly), proving the fact that sentiment in the altcoin universe was reset. pic.twitter.com/dosQb9mweb

— Caleb Franzen (@CalebFranzen) February 8, 2024

Follow us on Twitter******,* Facebook* and* Instagram* and* Telegram and YouTube join our channel to stay up to date with breaking news!