SOL price recovers as Vitalik tweets support for Solana community

Hull Invest

Ethereum creator Vitalik Buterin appears to have helped Solana single-handedly recover today, Dec 29. praised the project on Twitter.

In a tweet, Buterin wrote:

Some wise people have told me that Solana has a serious and enlightened developer community and that the chain has a bright future now that the awful opportunistic money people have been washed away.

I don’t know from the outside, but I hope the community gets a fair chance to thrive 🦾🦾

The Solana (SOL) price remained close to $9.44 for most of the day. After that, it dropped 13.2% to $8.19 in a few hours. Following Buterin’s tweet, the price rose 24.8% to $10.22.

Solana Price
Solana Price

Mike Dudas, co-founder and former CEO of The Block and founder of 6th Man Ventures, noticed that the asset’s price chart resembled the “V” in Buterin’s first name. “This formation is commonly called the Vitalik,” he said. teased.

The value of Solana’s SOL token has dropped dramatically over the past few weeks. This may be due to failed exchanges FTX’s relationship with Solana. Assets crashed 55% of him in November, making him one of the worst performing tokens of the month.

Preparations for SOL’s latest crash appear to have started around December 28th.On that day, former FTX CEO Sam-Bankman Fried Sell ​​a large amount of SOL tokensIt is unclear if any such sale took place.

Solana was originally created to compete with Ethereum and has been called the “Ethereum Killer”. Despite Solana’s competitive nature, it shares similar goals with Ethereum, which may explain Buterin’s endorsement of the project today.

Both blockchains support programmable smart contracts, allowing developers to create custom tokens, DeFi applications, and NFTs. Solana’s initial strategy included aiming for high throughput. Solana supports over 50,000 transactions per second, while Ethereum supports 17 transactions per second.

Solana’s native token, SOL, is currently the 19th largest cryptocurrency by market cap. This asset has a market capitalization of over $3.6 billion.

At the time of press, Solana ranks 17th in terms of market capitalization, while SOL is priced at under 0.8% Within the last 24 hours. The market capitalization of SOL is $3.54 billion 24 hours trading volume $907.47 million. Learn more >

SOLUSD chart by TradingView

Market overview

At the time of press, the global cryptocurrency market is valued at $796.2 billion at the 24-hour volume of $26.81 billionBitcoin dominance is now 40.15%. Learn more >

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