After weeks of volatility caused by the collapse of FTX, previously one of the biggest crypto exchanges in the world, the cryptocurrency market is making modest gains, with Solana (SOL) leading the comeback.
According to statistics gathered by Finbolt on November 24, Solana topped the list of 100 cryptocurrencies by 24-hour gains, having soared 20% the day before.
At press time, the price of the decentralized finance (DeFi) coin was $14.27, representing a daily growth of 9.31% and a weekly increase of 1.01%, although remaining in the red on the monthly chart.
Anatoly Yakovenko, one of the co-founders of Solana Labs, revealed a critical improvement to the network in a November 19 Twitter post, in which he urged validators to update their nodes, prompting the price rise.
According to him, the change is intended to alleviate regular Solana network power outages caused by overloaded UDP-based protocols, which he termed the ‘curse’ and which caused a significant number of financial technology and blockchain specialists to lose faith in the platform’s team.
In an effort to realise its multi-chain vision, Magic Eden, the biggest marketplace for non-fungible tokens (NFTs) on the Solana platform, has announced integration with Polygon (MATIC) as its third supported blockchain after Solana and Ethereum (ETH).
In addition, the cryptocurrency community has remained positive on the price of Solana by the end of 2022, anticipating that it would trade at an average price of $26.75 on December 31, 2022, although this is a somewhat lower outcome than its previous predictions, as reported by Finbold.
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