The cryptocurrency market is making shy progress after weeks of being caught in the turmoil that followed the collapse of FTX, once among the largest crypto exchanges in the world, with Solana (SOL) leading the recovery.
Indeed, after skyrocketing 20% the day before, Solana has continued to make gains on its daily chart, topping the list of 100 cryptos by 24-hour increases, according to the data retrieved by Finbold on November 24.
At press time, the decentralized finance (DeFi) token was changing hands at the price of $14.27, demonstrating a 9.31% increase on the day and 1.01% compared to seven days before, despite still in the loss on the monthly chart.
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The steep increase in price arrives days after an announcement by one of Solana Labs’ co-founders Anatoly Yakovenko, who unveiled an important upgrade to the network in a November 19 Twitter post in which he was urging validators to update nodes.
According to him, the upgrade is designed to address frequent Solana network power failures caused by overloaded UDP-based protocols, the ‘curse,’ as he called it, which had a large number of financial technology and blockchain experts losing trust in the platform’s team.
More recently, the largest marketplace for non-fungible tokens (NFTs) on the Solana platform, Magic Eden, announced integration with Polygon (MATIC) as its third supported blockchain after Solana and Ethereum (ETH) in a bid to fulfill its multi-chain vision.
On top of that, the crypto community has remained bullish on the price of Solana by the end of 2022, predicting it would trade at an average price of $26.75 on December 31, although it is a slightly lower result from its earlier estimations as reported by Finbold.
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