Solana (SOL) Surges 40%, Vitalik Buterin Expresses Support

Last Updated: 8 January 2024

• Solana (SOL) has experienced a 40% price increase in the past 24 hours, surpassing Polygon (MATIC) in market cap for a short time.
• SOL trades at a price of $23.75 with a 24-hour trading volume of $2,499,092,493.
• Vitalik Buterin expressed support for Solana after its value plummeted 20% at the end of last year due to the FTX crisis.

The crypto landscape has been on a steady path to recovery after the heavy market crash late last year, with altcoins leading the way. One such altcoin is Solana (SOL), which saw an explosive start to the weekend with a 40% increase in its price in the last 24 hours. According to data by CoinGecko, SOL has a market cap of $8,820,357,518, with a circulating supply of 370,622,211 and a 24-hour trading volume of $2,499,092,493. The token’s current price is set at $23.75.

This price rally saw Solana (SOL) surpass Polygon (MATIC) in market cap for a short time, becoming the 10th biggest cryptocurrency. However, this was only temporary, as the Ethereum-based token has since reclaimed its position. Although it remains unknown how long the altcoin can sustain such momentum, these significant price gains indicate an increasing positive sentiment from investors.

This isn’t the first time Solana (SOL) has been in the news lately. On Dec. 30, 2022, Ethereum founder Vitalik Buterin tweeted a statement expressing support for the token after its value plummeted as much as 20% at the end of last year due to the FTX crisis. In the tweet, Buterin indicated that he believes Solana is a “high-quality project with strong technical leadership, dedicated community, and a unique approach to scalability and consensus that is worth exploring and understanding more deeply.”

Solana (SOL) has shown to be a powerful and reliable altcoin, and its explosive start to the weekend is further evidence of this. With the support of notable figures like Vitalik Buterin, the token’s future looks bright.

Author
  • Florian Feidenfelder

    Florian Feidenfelder is a seasoned cryptocurrency trader and technical analyst with over 10 years of hands-on experience analyzing and investing in digital asset markets. After obtaining his bachelor's degree in Finance from the London School of Economics, he worked for major investment banks like JP Morgan, helping build trading systems and risk models for blockchain assets.

    Florian later founded Crypto Insights, a leading research firm providing actionable intelligence on crypto investments to hedge funds and family offices worldwide. He is the author of the bestseller "Mastering Bitcoin Trading" and has been featured in prominent publications like the Wall Street Journal, Bloomberg, and Barron's for his insights on blockchain technologies.

    With extensive knowledge spanning the early days of Bitcoin to today's explosive DeFi landscape, Florian lends his real-world expertise to guide both new entrants and seasoned professionals in capitalizing on the wealth-creating potential of crypto trading while effectively managing its inherent volatility risks.

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