Just days after Solana’s (SOL) market capitalization plunged by more than $1 billion in the seven days to December 30 to its lowest level since February 2021, the decentralized finance (DeFi) coin has risen again above $11.
On January 2, Solana’s price was trading at $11.13, which is an increase of 13.88% over the past 24 hours but a decrease of 2% from the previous week. In just over an hour, Solana’s price has gone from around $10 to over $11, with the price of one pip up as much as 15% in the last 24 hours.
Additionally, during this surge, Solana gained as much as $500 million in one hour from her market cap, bringing her total value to over $4 billion at the time this article was published.
Solana technical analysis
Interestingly, the 2-hour Solana technical analysis on TradingView is essentially bullish after days of a bearish trend. The summary gauge is actually for “buy” at 15, while the moving averages are for “strong buy” at 13. Elsewhere, both oscillators recommend neutral at 8.
The jury is still out on Solana on the ongoing fallout from the FTX controversy. The cryptocurrency community’s faith in Solana’s future has been greatly weakened by the unfortunate events that occurred with the cryptocurrency exchange.
In contrast, Delphi Digital chirp On January 1st amidst the turmoil:
“Solana processes far more transactions than any other blockchain.”
Also, the co-founder of Ethereum is Vitalik Buterin Mutual His support for Solana, hoping that the community will have a chance to thrive after the “horrible opportunistic money” left the blockchain.
“Some smart people tell me there is a serious smart developer community in Solana, and now that the horrible opportunistic money has been thrown away, the chain has a bright future. It’s hard for me to tell from the outside, but I hope the community gets a fair chance to grow.”
Overall, investors are still trying to determine whether or not the close relationship between Solana and FTX will jeopardize SOL’s future. At the height of FTX’s operations, Solana’s team received a great deal of support from Bankman-Fried and FTX.
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Post $500 million inflows into Solana’s market capitalization as SOL jumped 15% on the day it debuted on Coinphony.