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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions
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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

SOL Jumps 15% In 24 Hours As Solana Receives Support From Ethereum Founder

Best Owie
Best Owie
2 years ago
2 mins read
Solana

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Solana (SOL) has been completely engulfed in FUD since the FTX crash. This invariably resulted in the price of the token declining much faster than the rest of the market, and last week, SOL touched single-digit values for the first time in almost two years. However, there seems to be a turn in the tide for the digital asset as it receives support from Vitalik Buterin.

Vitalik Buterin Offers Support To Solana 

Taking to Twitter, Ethereum founder Vitalik Buterin expressed support for Solana for the first time. Solana which had been the fiercest competitor of Ethereum had been unable to keep up given its ties to FTX crypto exchange, its sister company Alameda Research, and its disgraced founder Sam Bankman-Fried, but Buterin is not pleased that the competitor is essentially crumbling.

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In the tweet, the Ethereum founder explained that “some smart people” had told it that there was still a good developer community on the blockchain who are earnest and smart. Furthermore, they added that since the opportunistic people trying to make a quick buck had now been pushed out, they expect the network to have a bright future.

Buterin himself explains that he couldn’t tell if this was true looking in from the outside but said that he hoped that “the community gets its fair chance to thrive. This tweet was made about four days ago and it had an incredibly positive impact on Solana.

SOL Price Rallies On Buterin Comments

The price of SOL saw an upward trend following the tweets from the Ethereum founder. Although Solana remains a long way from its glory days, Buterin’s tweets had given the bulls just the morale boost they needed and by Monday, SOL’s price had surged as high as $12 before correcting back down.

Solana (SOL) price chart from TradingView.com

SOL recovers above $11 | Source: SOLUSD on TradingView.com

Presently, the price of the digital asset is sitting above $11, rising over 15% in the last 24 hours. This recovery has also helped to wipe out most of the losses recorded over the last week, and now, it is down only 1.81% in the last 7 days compared to over 20% losses being recorded last week.

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This recovery also puts the digital asset close to the top of the list of gainers for the day. It sits only behind Lido DAO which is up over 16% in the last hours.

As for whether SOL will be able to maintain current prices and go higher, it depends on the momentum in the market. The cryptocurrency is still subject to intense FUD and community morale remains low but the $13 level remains within sights as long as buy pressure keeps up.

Featured image from Coin Culture, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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