Solana Rebounds Following Vitalik Buterin’s Support.
After suffering a massive decline in its price this past year, the Solana token saw a small rebound following the public support of one of the biggest figures in the crypto industry.
Buterin Helps SOL Rebound
On Thursday, Solana’s price made many heads turn as the token fell to under the $10 mark for the first time in 2 years to a price of ~$9.44. In just hours, the cryptocurrency fell even further, dropping by 13% to a price of around $8.00.
However, despite many in the community expressing bearish views on the token at this time, Ethereum founder Vitalik Buterin talked about his positive views on the future of Slana to his 4.7 million followers on Twitter, helping the crypto’s price to recover slightly.
Buterin claims that he knows the Solana community has many earnest and smart developers and that with the bearishness surrounding the crypto causing many “awful opportunistic” investors to leave, that the chain may have a brighter future ahead of it now.
“Hard for me to tell from outside, but I hope the community gets its fair chance to thrive,” Buterin wrote.
Following Vitalik Buterin’s tweet, Solana’s price rose by more than 24.8%, helping SOL go from $8.14 to touch the $10 price range. The crypto has since dropped back to a price of $9.11 at the time of writing.
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.
Hard for me to tell from outside, but I hope the community gets its fair chance to thrive🦾🦾
— vitalik.eth (@VitalikButerin) December 29, 2022
SOL’s Massive Price Drop
Aside from the current crypto winter which has caused many cryptocurrencies like Solana to drop massively in price this past year, the collapse of crypto exchange FTX has also been a major player in Solana’s big price drop the last two months.
SOL is currently 96% down from its all-time-high price of $260 back in November 2021.
The Solana chain is also suffering some major bearishness after two of the chain’s biggest NFT collections, DeGods and y00ts, announced their bridging to Ethereum and Polygon in 2023.