Solana surged 6% despite the disruption, recording 85,000 phone preorders

9 Feb 2024

Solana is one of the altcoins that is outperforming the largest assets by market capitalization this week. SOL price increased its February peak to $102.57 on February 2. The altcoin could continue to increase its resistance at $107.12.

Solana outperforms Bitcoin

According to data from analytics firm Santiment, Solana outperforms Bitcoin on the weekly timeframe. Solana started the new week with an outage that worried SOL holders. SOL price fell to a local bottom of $92.88 on Tuesday but has since recovered.

According to Santiment:

“Solana is one of the few altcoins to outperform Bitcoin this week, rebounding above $102. Over the past 36 hours, SOL/BTC increased +4.5%. The outage that worried traders on Monday has finally turned into a local bottom, with FUD driving this price recovery.”

At the time of writing, Solana price is 101.6 USD on Binance.

Solana has recorded a major preorder milestone for the second release of its blockchain phone, Solana Mobile. As of Thursday, Solana had received 85,000 preorders for its phone, a new record.

Solana prices are likely to increase

Solana prices rose 6% as SOL prices recovered from a local bottom of $92.88 to $100.82 on Thursday. Altcoin maintains above key psychological level of $100. The Moving Average Convergence Divergence (MACD) is flashing green bars and indicates there is positive momentum and SOL price is likely to rise.

The relative strength index (RSI) is at 56.93, above the neutral level of 50. SOL price could face resistance at R1, $107.12, which acts as resistance for SOL as of December 2023. If SOL price surpasses R1, the altcoin could rise to its 2024 high of $117.03.

SOL price chart. Source: TradingView

A daily candle close below the daily support/resistance level of $90.79 could invalidate the bullish thesis for SOL. Solana price could then fall to $85.42, the lowest on January 8.

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