Solana SOL/USD has seen its value increase by12% over the last 24 hours, pushing it beyond the $11 mark.
What Happened: This surge comes after Ethereum ETH/USD founder Vitalik Buterinexpressed 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.
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 outside, but I hope the community gets its fair chance to thrive vitalik.eth (@VitalikButerin) December 29, 2022
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Since last month, SOL has plunged around 20%, falling approximately 95% from its peak of nearly $260 in November 2021. This depletionhas resulted in SOL losing itsposition as the fifth most significant cryptocurrencyto the 19th place.
The recent downfallof FTX and Alameda Researchhad 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.
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