Solana, which has experienced great losses in its price after the FTX crisis, has increased in value by more than 15% in the last 24 hours and rose to the level of $ 11.83.
Has Solana Started to Recover?
Solana, which was caught in the FUD with the FTX collapse and depreciated much faster than the rest of the market, dropped to single digits for the first time in almost two years. The asset started to experience upward movements in its price with the support it received from Ethereum founder Vitalik Buterin.
Ethereum founder Vitalik Buterin expressed his support for Solana on his Twitter account. As can be seen from this, Vitalik Buterin is not happy with the disintegration of Solana, one of Ethereum’s biggest rivals. In a tweet on the subject, Buterin explained that “some smart people” told him there is a good community of developers who are still serious and smart on the blockchain, and shared a post in which he hopes the community gets a fair chance to thrive. About four days after this tweet, the price of Solana started to increase.
Although Solana is far from its heyday, Buterin’s tweets gave the bulls just the moral boost they needed and by Monday the price of SOL had climbed as high as $12 but then pulled back slightly to $11.79.
This recovery has also placed the digital asset at the top of the list of the day’s top earners. Whether the rise in Solana price will continue or not depends on the momentum in the market. The asset is still subject to intense FUD and community morale has not yet recovered.
BONK Affects Solana Price
Another reason for the increase in SOL price is BONK, a new meme token released on the Solana network. In the last 24 hours, BONK asset volumes have increased by more than 6,500% while its price has increased by 120%. The token has also started to be accepted as payment by various marketplaces in Solana. Some experts are of the opinion that with the rise experienced by this entity, the interest in the Solana network may have increased.
LEFT Price Analysis
If the asset, which is currently above the $11 level, continues its bullish momentum, the first level of resistance we need to follow is in the $12.25 region. In another price increase to be experienced from there, our second resistance level is located at $ 14. In case of corrections or pullbacks in the Solana price, our first support is in the $10 region, while our second support level is in the $7.70 region.