What Led the Solana Price to Rise 12% in One Day?
The price of Solana (SOL) has grown by 12% to recapture the $11 mark despite a downward trend.
Solana, the "Ethereum-killer," lost nearly $1 billion in the week before New Year's Eve. However, Solana (SOL) rose above $11 in a few days as 2023 began.
Despite a losing trend, the price of Solana (SOL) has increased by 12% to retake the $11 mark.
In the final week before New Year's Eve, the market value of the "Ethereum-killer" Solana fell by more over $1 billion, hitting its lowest point since February 2021. However, in just a few days as 2023 began, the price of Solana (SOL) rocketed back beyond the $11 level.
Price Increase for Solana (SOL)
With about $500 million flowing into SOL's market capitalization over the previous twenty-four hours, the altcoin grew by 12%, putting its total worth back up to $4 billion at the time of writing.
This comes after Vitalik Buterin, the founder of Ethereum, expressed his favourable support. The previous week, Buterin tweeted that "wise individuals" had informed him that Solana has a sincere, clever development community and that the network has a bright future now that the network's nasty, opportunistic money people have been flushed out.
Buterin continued by expressing his great hopes for the Solana community, saying that it will "get its fair shot to develop.
Some wise people have told me that Solana has a community of sincere smart developers, and that the chain has a promising future now that the horrible opportunistic money people have been flushed out.
It's also important to note that after being negative for days, the technical analysis of Solana's two-hour indicators on CoinGabbar is primarily positive now. The summary gauge for the analysis shows a "buy" signal at 13 and the moving averages show a "strong buy" signal at 12. Other oscillators are supporting a neutral stance at 8.
Memecoin BONK
The community is anticipating a significant development from a new memecoin on the Solana network, which is fueling the optimistic feeling surrounding the cryptocurrency. The price of the coin with the ticker name BONK has already increased by 135%, and its trading volume has outpaced that of other significant cryptocurrencies.
In the meanwhile, the Solana network's marketplaces that accept the token as a valid payment option have found widespread adoption. Additionally, Austin Federa, Head of Strategy & Communications at the Solana Foundation, recently tweeted in support of the cryptocurrency project with a canine motif.
At the moment, the Solana (SOL) price is trading at $11.16. According to cryptocurrency market tracker Coingabbar, this marks a rise of 12% for the day as opposed to a fall of 1.2% over the previous week.
