Solana (SOL) Rallies Massively in a Month & Recovers From Early Losses

  • Solana (SOL) rose by nearly 58.8% during the past two weeks. 
  • In December, Vitalik Buterin announced his support for Solana Network.

Solana (SOL), the native cryptocurrency of the Solana ecosystem, appears to be having a strong rebound in 2023. One of the leading cryptocurrencies in the global crypto market, SOL, has experienced a tremendous price climb since mid-December. The token continuously shows bullish momentum by maintaining a solid hold on its price action. 

According to CoinGecko, Solana has obtained a significant price surge of 73.7% during the month. Surprisingly, SOL reached the price level of $24 and has risen by nearly 58.8% during the past two weeks.

Solana 30-Day Price Chart (Source: CoinGecko)

However, at the time of writing, Solana is trading around $21.34 with a one-day trading volume of $732,889,655. The token’s value has dropped slightly during the past 24 hours, registering a decrease of 0.2%. Despite this, SOL is up 28.5% during the week, as per CoinGecko. 

Will Solana (SOL) Continue to Surge?

There are many factors contributing to Solana’s ongoing price hike. At the end of December, Vitalik Buterin, the co-founder of the Ethereum blockchain network, announced his support for Solana, after the token had dropped to a record low of nearly $8. As a result of the supportive tweet from Buterin, Solana has begun to experience a massive price increase. 

Vitalik Buterin tweeted: 

Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future. Hard for me to tell from outside, but I hope the community gets its fair chance to thrive.

Recently, the Solana ecosystem announced its partnership with Google Cloud. According to the collaboration, Google Cloud is developing a Solana validator, which generates blocks to participate in and validate the network. The association with the leading technology platform is also likely to have caused the rise of Solana. Moreover, Solana is currently on the mend following the crashes that occurred the previous year. It has already experienced significant relief as a result of the latest price rally.

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