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.
January 2, 2023 Updated January 2, 2023.
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.
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.
advertisement.
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."
Chart Analysis Hints Avalanche Coin Is At A Make-or-Break Point; Keep Holding?
Here's How Shiba Inu Coin's Prolonged Recovery May Offer 20% Rise.
How Far Will Bitcoin Price Continue Its Ongoing Recovery Rally?
New Bullish Pattern Emerged In Ethereum Coin Technical Chart; Is $1500 Within Reach?
Emerging Bullish Pattern Sets LUNC Price To Surpass $0.0002; Buy Now?
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.
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 aplikasi copy trading crypto terbaik (http://copy-trade.store/?qa=1391/beginners-trading-newbies-doorstep-trading-investinghaven) volume has zoomed past that of other major cryptocurrencies.
advertisement.
Meanwhile, copy trades crypto the token has seen wide acceptance as a viable payment method on the different marketplaces hosted by the Solana network. Moreover, copy trade crypto Solana Foundation’s Head of Strategy & Communications Austin Federa recently showed his support for copy trading crypto kucoin 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.