Solana’s Rise in the Crypto Market
Solana, the native coin SOL, has seen a surge in price, with a 9% increase today and an 88% increase over the past 30 days. Despite its connection to the collapsed FTX crypto exchange and its founder Sam Bankman-Fried, experts are not surprised by Solana’s recent rise. It is considered a competitor to Ethereum, offering cheaper and faster transactions for building or using applications that utilize blockchain technology.
Visa, Shopify, and developers are showing interest in building on the Solana network due to its streamlined approach and high base layer throughput. Major partnerships and institutional interest are also driving up the price of SOL.
Recovery from Bad Reputation
Solana was previously associated with FTX, which collapsed with over $1 billion in SOL. However, major players still see value in the project. Solana Pay integrated with Shopify, and Visa chose Solana’s blockchain for its stablecoin ambitions. These moves were seen as bullish by investors who have been investing fresh cash into the project.
The Comeback of SOL
Following news that FTX’s new management might sell off large amounts of SOL, the price of SOL was deeply oversold. This triggered a massive short squeeze, leading to a sudden price increase. The Solana community’s annual conference, Breakpoint, also contributed to a bigger rally for SOL.
Hot Take: The Future of Solana
The stunning comeback of SOL raises questions about its lasting power in the crypto market. Will it continue to thrive despite its past challenges? Only time will tell as SOL continues to gain attention and support from major players in the industry.
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