Solana One of the Few Altcoins To Outperform Bitcoin This Week Despite Tuesday’s Network Outage: Santiment
Crypto analytics firm Santiment says it has a bullish forecast for Ethereum (ETH) competitor Solana (SOL) despite the smart contract platform suffering a major outage earlier this week.
On Tuesday, the Solana mainnet encountered a problem that caused the network to be offline for five hours, according to Solana Status, a SOL tracker and explorer.
This issue has since been resolved.
According to Binance, this caused crypto exchange UpBit to suspend deposits and withdrawals of SOL and SOL-based altcoins, such as GMT (GMT), Raydium (RAY), and Access Protocol (ACS).
The downtime caused SOL’s price to drop, dipping to a seven-day low of $93.10 before making a recovery. SOL is trading for $103.03 at time of writing, up by 1.95% over the past 24 hours.
According to Santiment, Solana is among the few crypto assets giving higher returns than Bitcoin (BTC), the top digital asset by market cap.
“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%.”
Santiment says that Solana’s development activity – a metric used to indicate if developers think a crypto project will be successful or bound to roll out new features – dropped amid the outage.
However, the analytics platform says that the fear, uncertainty and doubt (FUD) surrounding Solana due to its troubles turned out to be a boon for the smart contract platform.
“The outage that concerned traders Monday ended up being a local bottom, with the FUD fueling this price rebound.”
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