Just days after the market capitalization of Solana (SOL) surpassed $1 billion in seven days through Dec.
$ 500 million flowed into Solana’s market value! Is the ascension imminent?
Indeed, on January 2, a Solana cost $11.13; this represented an increase of 13.88% from the previous twenty-four hours, but a decrease of 2% from the previous week. In a little over an hour, Solana’s price went from around $10 to over $11, gaining one point as high as 15% in the last 24 hours.
Left price 1-day chart. Source: Finbold
Also, during this spike, Solana’s market cap rose to as high as $500 million within an hour, bringing its total value back to over $4 billion at the time of publication of this article.
Left market cap 1-day chart. Source: CoinMarketCap
The jury is excluding Solana due to the ongoing repercussions of the FTX debate. The crypto community’s faith in Solana’s future has been significantly weakened by the unfortunate events that have taken place on the cryptocurrency exchange.
Amid the turmoil, however, Delphi Digital tweeted on Jan.
“Solana processes significantly more transactions than any other blockchain.”
Left technical analysis 2 hour chart. Source: Delphi Digital
Moreover, Ethereum co-founder Vitalik Buterin shared his support for Solana, hoping the community will have an opportunity to thrive once the “terrible opportunistic money people” get off the blockchain.
“Some smart people tell me there’s a serious community of smart developers in Solana, and now that people’s terrible opportunistic money is blowing up, the chain has a bright future. It’s hard for me to say anything from the outside, but I hope the community gets a fair chance to thrive.”
As a result, investors are still trying to be sure whether the close bond between Solana and FTX will jeopardize SOL’s future. While FTX’s operations were at their peak, the Solana team received substantial support from Bankman-Fried and FTX.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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