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What’s Making Solana (SOL) Price Rally 12% In A Day?

Despite being on a losing streak, the Solana (SOL) price recently jumped by 12% to reclaim the $11 threshold.
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What’s Making Solana (SOL) Price Rally 12% In A Day?

The market capitalization of the “Ethereum-killer” Solana dropped by more than $1 billion in the last seven days leading up to New Year’s Eve; reaching its lowest level since February 2021. However, the Solana (SOL) price has surged back beyond the $11 mark in only a few days entering into 2023.

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Solana (SOL) Price Jump

The altcoin increased by 12% over the previous twenty-four hours as almost $500 million flowed into SOL’s market capitalization, thus bringing its total value back up to $4 billion at the time of writing.

This comes after the positive support from Ethereum’s founder, Vitalik Buterin. Buterin tweeted the previous week that “smart people” have told him there is an “earnest smart developer community in Solana,” and that the network has a promising future now that “awful opportunistic money people have been washed out. ”

Buterin went on to say that he had high expectations that the Solana community will “have its fair shot to prosper.”

It is also worth noting that the technical analysis of Solana’s two-hour indicators on TradingView is predominantly optimistic after having been bearish for days. The analysis indicates a “buy”signal by the summary gauge at 13, while a “strong buy” is indicated by the moving averages at 12. Oscillators in other places are advocating a neutral position at 8.

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The BONK Memecoin

Adding more fuel to the positive sentiment surrounding the cryptocurrency, the community is suspecting a major development from a new memecoin on the Solana network. The token which goes by the ticker symbol BONK has already surged 135% in price and trading volume has zoomed past that of other major cryptocurrencies.

Read More: Bitcoin (BTC) Price Forming A Super-Bearish Pattern, But There’s A Catch

Meanwhile, the token has seen wide acceptance as a viable payment method on the different marketplaces hosted by the Solana network. Moreover, Solana Foundation’s Head of Strategy & Communications Austin Federa recently showed his support for the dog-themed crypto project in a recent tweet.

 

As things stand, the Solana (SOL) price is currently being traded at $11.13. This represents an increase of 13% on the day, in contrast to a decline of 1.52% during the last week as per crypto market tracker CoinMarketCap.

Also Read: Top 10 DeFi Lending Platforms In 2023

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Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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