What’s wrong
Happy Belated New Year for Besieged Tokens Solana (sol 14.05%)The price surged past the psychologically significant $10 as it surged late Sunday night. It has stayed there since – as of late Monday afternoon, the cryptocurrency was trading almost 13% higher in the past 24 hours. was.
So what
With some holiday-related delays, many investors were reacting to the tweets posted. ethereum (ETH 1.41%) Founder and Chief Light Vitalik Buterin. Last Thursday afternoon, 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.”
“HI hate to say it from the outside, but I hope the community gets a fair chance to thrive.,” he added.
There are two big reasons for this. First, Ethereum and Solana are competitors, and Solana is known as the top “Ethereum Killer” due to its relative speed and efficiency in handling features such as smart contracts. Second, this appears to be the first time Buterin has expressed support for a rival. He is a well-respected figure in the crypto world, so any support from him would be meaningful and could have a big impact.
so
Investors may also think that Solana has bottomed out after the price nearly collapsed in the wake of the FTX collapse. This is understandable because FTX and its close affiliate, Alameda Research, were Solana’s top institutional investors, and FTX founder Sam Bankman-Fried was openly bullish on cryptocurrencies. .
Solana certainly isn’t out of the woods yet, as it’s still unclear how damaging the long-term effects of that FTX/Alameda association will be. We may see another price increase in the near future.
Eric Volkman has a position in Ethereum. The Motley Fool has positions in and recommends Ethereum and Solana. The Motley Fool’s U.S. headquarters has a disclosure policy.
