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Solana SOL/USD has seen its value increase by 12% over the last 24 hours, pushing it beyond the $11 mark.
What Happened: This surge comes after Ethereum ETH/USD founder Vitalik Buterin expressed his optimism for Solana’s future by tweeting that “smart people” have informed him that the smart developer community in Solana is thriving and that the chain has a “bright future” now that “the awful opportunistic money people have been washed out.”
Apex crypto Bitcoin BTC/USD was trading at $16,679, up 0.49% in the last 24 hours, while Ethereum was up 1.47% at $1,215.
Buterin also wished that the Solana community “gets its fair chance to thrive.”
See More: Best Crypto Day Trading Strategies
Since last month, SOL has plunged around 20%, falling approximately 95% from its peak of nearly $260 in November 2021. This depletion has resulted in SOL losing its position as the fifth most significant cryptocurrency to the 19th place.
The recent downfall of FTX and Alameda Research had a major impact on Solana’s price trajectory. To make matters worse, several major projects have also announced plans to discontinue their development within the Solana ecosystem in recent months.
Price Action: At the time of writing, SOL was trading at $11.16, up 12.25% in the past 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Trade Higher — Why This Analyst Is Calling A Bull Market As 2023 Unfolds
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Image and article originally from www.benzinga.com. Read the original article here.