Just days after the market capitalization of Solana (SOL) fell by more than $1 billion in the seven days before December 30 to its lowest level since February 2021, the decentralized finance (DeFi) currency has surpassed the $11 threshold again.
In fact, the price of a Solana on January 2 was $11.13, representing a rise of 13.88% over the previous twenty-four hours but a drop of 2% over the previous week. In a little over an hour, the price of Solana jumped from roughly $10 to over $11, and in the last 24 hours, it has increased by as much as 15%.
In addition, Solana’s market capitalization increased by as much as $500 million within an hour, bringing its total worth back to more than $4 billion at the time this story was published.
After many days of bearishness, the technical analysis of Solana’s 2-hour indicators on TradingView is mostly optimistic. In fact, the summary indicator indicates a “buy” at 15, while the moving averages indicate a “strong buy” at 13. Elsewhere, oscillators urge neutrality at 8 p.m.
The verdict is still out on Solana owing to the continued effects of the FTX scandal. The tragic circumstances that transpired with the cryptocurrency exchange have significantly damaged the crypto community’s confidence in Solana’s future.
Moreover, Ethereum co-founder Vitalik Buterin expressed his support for Solana, expressing his hope that the community would be able to thrive after the “horrible opportunistic money people” has left the blockchain.
The business has a promising future now that the nasty opportunistic money people have been swept away, and there is a sincere clever development community in Solana, according to several smart individuals. It’s difficult for me to say from the outside, but I hope the community has a chance to flourish.
Overall, investors are still uncertain as to whether the strong relationship between Solana and FTX would damage SOL’s future. When FTX’s activities were at their peak, Bankman-Fried and FTX provided major assistance to the Solana team.
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