Solana ($SOL) Price Hits 22-Month High Despite Network Outage and Investor Outflows

Solana (SOL), a leading blockchain platform known for its fast transaction speeds, has seen its price reach a 22-month high of $137 this week, amid a wider cryptocurrency market rally.

Solana’s performance has been particularly impressive, with a significant 28% jump in the past week, pushing its price to its highest level since April 2022. Over the past year, the cryptocurrency’s price surged by an impressive 480%.

The new high comes at a time in which  Solana-focused investment products saw around $3 million of outflows in a week, after seeing around $1.6 million of outflows over the previous week. Investors are seemingly moving away from Solana after the network’s latest outage.

Earlier this month, Solana experienced a significant outage, going offline for approximately five hours before validators managed to restart the cluster and resume block production. This was the network’s first major outage of the year, with the last one occurring in February 2023.

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Despite the outage, a well-regarded crypto strategist has cast a spotlight on Solana, predicting an extraordinary ascent in its value. The analyst, known by the pseudonym Inmortal, has shared with his over 207K followers on the social media platform X, a vision where Solana could witness a staggering increase of more than 300% from its present valuation by the year 2025.

Solana’s price has been surging s it recovers from the collapse of the FTX exchange, which before collapsing was a heavy supporter of the network’s ecosystem and invested in a number of tokens on the network, including SOL.

The collapse affected Solana by association, but the network has been steadily recovering to now have over $2.5 billion in total value locked (TVL) on its decentralized finance ecosystem, up from $230 million at the beginning of 2023.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2024/03/solana-sol-price-hits-22-month-high-despite-network-outage-and-investor-outflows/