What is causing the Solana (SOL), Price Rally 12% in a Day?

The market capitalization for the “Ethereum-killer”, Solana, fell by more than $1B in the seven days leading to New Year’s Eve. It reached its lowest level since February 2021. The Solana (SOL), price has risen to $11 in just a few days as we enter 2023.
Solana (SOL) Price Jump
Altcoin’s value increased by 12% in the past 24 hours, as nearly $500 million was transferred into SOL’s capitalization.


This is after Vitalik Buterin, Ethereum’s founder, has given him positive support. Buterin tweeted that smart people had told him that Solana has an “earnest, smart developer community” and that the network has a bright future now that “awful, opportunistic money people” have been washed away. “
Buterin stated that he has high hopes that the Solana community “will have its fair chance to prosper.”
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Smart people tell me that there is a Solana community of smart developers. Now that the opportunistic money people are gone, the chain has a bright future.
It’s hard for me to see from the outside, but I hope the community has the chance to thrive.
— vitalik.eth (@VitalikButerin) December 29, 2022
It is worth noting that Solana’s technical analysis of TradingView’s two-hour indicators is overwhelmingly optimistic, despite being bearish for several days. The summary gauge at 13 indicates a buy signal, while the moving averages indicate a strong buy at 12. Other oscillators advocate a neutral position at 8.

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The positive sentiment surrounding cryptocurrency is further fuelled by the suspicions of a major development from a new memecoin that has been added to the Solana network. BONK, the ticker symbol for the token, has seen a 135% increase in price and trading volume that has surpassed other major cryptocurrencies.
Read More: Bitcoin (BTC), Price Forming a Super-Bearish Pattern But There’s a Catch


The token is now widely accepted as a payment method on various marketplaces that are part of the Solana network. Austin Federa, Solana Foundation’s Head Strategy & Communications, recently tweeted his support for the crypto project with a dog theme.

Always love me some dog money
Austin Federa (@Austin_Federa), January 1, 2023
The current price of Solana (SOL), is $11.13. This is an increase of 13% on the daily basis, compared to a decrease of 1.52% over the last week according to CoinMarketCap, a crypto market tracker.
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