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$500 million flows into Solana’s market cap as SOL jumps 15% in a day

$500 million flows into Solana's market cap as SOL jumps 15% in a day

Just days after the market cap of Solana (SOL) decreased by over $1 billion in seven days leading up to December 30 to its lowest level since February 2021, the decentralized finance (DeFi) currency has risen back over the $11 mark. 

Indeed, on January 2, the price of a Solana was going for $11.13, which represented an increase of 13.88% over the previous twenty-four hours but a decrease of 2% over the preceding week. In a little over an hour, the price of Solana shot up from around $10 to over $11, and add one point was up as much as 15% in the last 24 hours.

Sol price 1-day chart. Source: Finbold

In addition, during this increase, Solana gained as much as $500 million over an hour to its market capitalization, bringing its total value back up to more than $4 billion at the time this article was published.

Sol market cap 1-day chart. Source: CoinMarketCap

Solana technical analysis

Interestingly, the technical analysis of Solana’s 2-hour gauges on TradingView is primarily bullish after days of bearishness. Indeed the summary gauge is a ‘buy’ at 15, while moving averages are for a ‘strong buy’ at 13. Elsewhere, the oscillators are recommending neutral at 8. 

Sol technical analysis 2-hour chart. Source: TradingView

The jury remains out on Solana due to the ongoing repercussions of the FTX controversy. The crypto community’s faith in Solana’s future has substantially weakened due to the unfortunate events that occurred with the cryptocurrency exchange. 

However, Delphi Digital tweeted on January 1 amid the turmoil:

“Solana processes substantially more transactions than any other blockchain.”

Sol technical analysis 2-hour chart. Source: Delphi Digital

What’s more, Ethereum co-founder Vitalik Buterin shared his support for Solana, hoping that the community will have the opportunity to flourish after the “awful opportunistic money people” has exited the blockchain.

“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 the outside, but I hope the community gets its fair chance to thrive.”

All in all, investors are still attempting to ascertain whether or not the close link between Solana and FTX will put SOL’s future in peril or not. When FTX’s operations were at their highest, the Solana team received a significant quantity of support from Bankman-Fried and FTX. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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