The price of Solana (SOL) has experienced a sharp surge in the past 24 hours, up 7% from Tuesday’s low.
This latest move comes as the broader crypto market shows signs of recovery from the bearish conditions in the latter half of January.
Riding on this wave of positive sentiment is the new Solana meme coin Smog (SMOG), which has pumped 800% since its launch on the Jupiter exchange yesterday.
SOL Bounces Back Strongly After Major Network Outage
SOL has risen back above the critical $100 level, currently hovering around the $102 mark.
This bounce back above the major psychological barrier comes just two days after a significant network outage caused Solana to go dark for nearly five hours.
The outage halted block production and left transactions unable to be processed.
After several failed restart attempts, engineers collaborated to push out a software upgrade to address the technical bugs.
Validators then successfully restarted the network later the same day, yet many market pundits believed it would cause severe damage to Solana’s reputation.
This hasn’t been the case, with the SOL price quickly rebounding – demonstrating investors’ continued faith in the network’s long-term potential.
The quick resolution to the outage also highlights the power of Solana’s flourishing developer community.
With daily SOL trading volumes rising again, it appears the market is looking past the temporary setback and focusing on Solana’s fundamentals instead.
Broader Market Tailwinds Give Added Boost to SOL Price
SOL has also benefitted from a broader uptick across the wider crypto market this week.
Bitcoin (BTC) is up 5% since Monday’s low and is trading around the $44,700 level.
Meanwhile, Ethereum (ETH) has also surged 6% in the same time frame, taking the token to $2,420.
This bullish trend has been seen in most established altcoins, with the likes of XRP (XRP) and Cardano (ADA) also posting sizable gains.
The CMC Crypto Fear & Greed Index, a popular measure of crypto market sentiment, is now trading upwards and nearing “Greed” territory.
Notably, there hasn’t been a clear catalyst for the bullishness seen over the past few days.
Instead, investors are likely responding to a combination of factors, including the continued success of spot Bitcoin ETFs in the US.
According to an article from Cointelegraph, the total daily trading volume for these ETFs reached $1 billion yesterday – demonstrating the growing acceptance of crypto as an asset class.
While not directly related to these ETFs, SOL has benefitted from the overall positive sentiment in the crypto market.
Explosive SMOG Token Debut Results in 800% Gain for Early Investors
Riding on the coattails of SOL’s surge is the new meme coin Smog, which has had an incredible debut on the Jupiter DEX.
Launched just yesterday, SMOG has exploded out of the gates – pumping by 800% in less than 24 hours.
At the time of writing, SMOG is trading hands for $0.020 with $1.3 million in trading volume.
Almost 1,000 traders have interacted with the token in the past 24 hours – with birdeye.so data showing over 9,300 views for SMOG’s listing page in the last day.
Additionally, SMOG has made it onto DEXTools.io’s list of top trending pairs on Solana, according to a tweet from @DexBotOG.
This is made even more impressive considering SMOG was launched with no prior marketing or hype, indicating that it’s all organic interest from the crypto community.
Importantly, ownership is renounced for SMOG, meaning the creators cannot mint new tokens or make arbitrary changes to the smart contract.
As a result, this has boosted SMOG’s credibility and trustworthiness in the meme coin space, which is often plagued with “pump and dump” schemes.
With clever dragon-themed branding and an upcoming airdrop event for holders, SMOG is positioning itself as a viable challenger to formerly popular tokens like Bonk (BONK).
If the team can sustain the current momentum and continue executing on their roadmap, SMOG may have room to run in the days and weeks ahead.
Visit Smog Token Website
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.