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SOL surges 15% in 24 hours as Solana gets support from Ethereum founders

Solana (SOL) has been completely immersed in FUD since the FTX crash. This invariably caused the token’s price to fall much faster than the rest of the market, and last week SOL returned to single digits for the first time in almost two years. However, the tide seems to be turning for the digital asset as it receives endorsement from Vitalik Buterin.

Vitalik Buterin offers Solana support

go on twitter, Ethereum Founder Vitalik Buterin expressed his support for Solana for the first time. Solana was Ethereum’s closest competitor, unable to keep up given its ties to crypto exchange FTX, its sister company Alameda Research, and its disgraced founder Sam Bankman-Fried, but Buterin is not pleased that the competitor is essentially collapsing.

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

Buterin himself says he can’t tell from the outside if this is true, but said he hopes “the community gets its fair chance to develop. This tweet was created about four days ago and had an incredibly positive impact on Solana.

SOL price rallies on buterin comments

The price of SOL recorded an upward trend after the tweets from the Ethereum founders. Though Solana is still a long way from its glory days, Buterin’s tweets had given the bulls just the morale boost they needed and on Monday SOL’s price had surged as high as $12 before correcting back down.

SOL surges 15% in 24 hours as Solana gets support from Ethereum founders, Crypto Trading News

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

Currently, the price of the digital asset is above $11 and is up over 15% in the last 24 hours. This rebound has also helped erase most of the losses recorded over the past week and now it is down just 1.81% over the past 7 days compared to over 20% losses recorded last week.

This rebound also propels the digital asset to the top of the list of winners for the day. It is just behind Lido DAOwhich is up over 16% in the past few hours.

Whether SOL will be able to sustain current prices and move higher depends on the dynamics of the market. the cryptocurrency is still the subject of intense FUD and community morale remains low but the $13 level remains in sight as long as buying pressure continues.

Featured image from Coin Culture, chart by TradingView.com

Source: Crypto News Deutsch

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