Solana Makes a Strong Comeback, Outshining Bitcoin Performance Amid Market Chaos

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The week kicked off on a positive note for the market, witnessing a noteworthy upturn. Bitcoin bounced back strongly, hitting $44,780 in the last 24 hours. As a result, major altcoins, prominently Solana, have shown us a commendable surge, outperforming Bitcoin this week and surging back above $102.

Solana Outperforming Bitcoin

In a recent report, renowned blockchain analytics firm Santiment, shared intriguing insights into the cryptocurrency landscape. According to the report Solana (SOL), a well-established altcoin that has surprisingly taken the spotlight by outshining the performance of the leading cryptocurrency, Bitcoin.

Santiment’s analysis focused on the SOL/BTC pairing, revealing a bullish trend that has broken out after a prolonged 21-month downward trajectory. This breakout holds particular significance, attributed to the substantial buying power observed over the past 36 hours registering a positive gain of +4.5%. 

The shift in market sentiment, as indicated by Santiment, has led to Solana significantly outperforming Bitcoin. Since the breakout, Solana has recorded an impressive 140% gain against Bitcoin, signaling a considerable shift in favor of the altcoin.

Solana Technical Analysis

The shift in market sentiment has resulted in Solana outperforming Bitcoin significantly. Since this breakout, Solana has appreciated an impressive gain against Bitcoin.

Currently, Solana (SOL) has seen a notable uptick, hovering at $101.5 with a 5.87% increase in the last 24 hours. This surge follows a strong breakout above the local support level of $94.92. If buyers can hold the gained throughout the day, there is a chance solana hitting $125 mark soon.