Solana Increases By Two To Recover $11

Key Points:

• The price of the troubled cryptocurrency Solana (SOL) has soared by more than 11% in the last day. After several days of trading below double digits, the cryptocurrency has recovered $11 thanks to the New Year’s price increase.
• SOL was ranked 19th out of the top 20 largest cryptocurrencies by market cap, having fallen from fifth place in November 2022. Earlier this month, it briefly dropped out of the top 20.

The price of the troubled cryptocurrency Solana (SOL) has soared by more than 11% in the last day. After several days of trading below double digits, the cryptocurrency has recovered $11 thanks to the New Year’s price increase.

The announcement comes after Ethereum creator Vitalik Buterin tweeted last week that “wise people” had informed him that Solana is home to a “community of serious, clever developers” and that the chain now has “a bright future” after “the horrible opportunistic money people have been washed out.” The Solana neighborhood, Buterin continued, “gets its fair shot to prosper.”

Solana’s New Year’s boost did not, however, undo the beating the would-be “Ethereum killer” received in recent months.

Contagion from the demise of cryptocurrency exchange FTX probably contributes significantly to Solana’s current pricing problems; in November, the Solana Foundation disclosed information about its financial ties to the defunct exchange and its sister company Alameda Research.

According to information from DeFi Llama, the sibling hedge fund of FTX, Alameda Research, invested in 17 Solana projects totaling around $3.26 billion.

Several significant projects have also made plans to leave the Solana ecosystem

In the first quarter of this year, DeGods, a well-known NFTs collection using the Solana network, plans to switch to the Ethereum environment.

Additionally, yOOts, another well-known NFT project, is planning to switch to Polygon, an Ethereum-based Layer-1 network.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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