As this revolutionary blockchain initiative continues to gain traction, the price of Solana’s sol token has risen, leaving many other cryptocurrencies in the dust. The cryptocurrency has soared from a low of $22.10 to a new all-time high of $216, making it the sixth-largest cryptocurrency in terms of market capitalization.
Traders in the cryptocurrency world were initially enticed to the Solana network because of its low transaction costs and quick processing times; nevertheless, the outage emphasized the need for improved network infrastructure and increased decentralization.
After the mainnet had issues processing transactions and eventually went offline after reaching a peak of 400,000 transactions per second, the Solana blockchain native token SOL price recovery and consolidation continues.
Over $250 million in long and short positions have been liquidated across the board since the top, with over $27 million of the losses occurring in the last 24 hours.
Although the price of Solana has been fluctuating since the outage, it has not yet reached a critical support level. On the daily chart, the 38.2 percent Fibonacci retracement level and the middle Bollinger band appear to be providing SOL with a sturdy foothold.
SOL might rebound towards the 23.6 percent Fibonacci retracement level at $170 or even the all-time high at $216 if this demand wall holds.