Saturday, February 24, 2024

Solana Price Explodes 15%: Two Factors Driving the Rally.

The cryptocurrency market is currently experiencing a dramatic surge, with its total value rapidly approaching an astounding $1.7 trillion (as reported by CoinGecko). Within this vibrant landscape, one digital asset has emerged as a standout performer: Solana (SOL). This high-performance blockchain platform has seen its value climb significantly, solidifying its position as a leading force within the crypto ecosystem.

Its price has skyrocketed by about 400% in the previous 180 days, garnering the attention of the community in recent months. Today, December 8, SOL continued its upward trend, despite the previous week’s consolidation between $60 and $65. It’s increased by almost 15% in the last day and is now above $72 for the first time since May 2022.

What Is the Foundation of SOL’s Rally?

The Jito airdrop that qualified Solana users received might have been a contributing factor in the increase. These people were given 10% of the 1,000,000,000 JTO tokens that were available.

Some users were able to stake modest amounts of SOL in the past and then gain significant amounts of the recently released asset. Remember that JTO’s price first reached $6 at launch before dropping by more than 50% in the hours that followed?

The coin serves as the governance token for the Jito Foundation, an organization dedicated to enhancing the Solana ecosystem and “enhance[ing] the staking economy through JitoSOL and associated products.”

The engagement arising from Robinhood is another reason that could be contributing to the increase in SOL’s price. The US financial services corporation extended its trading opportunities for cryptocurrencies to qualified EU clients. Solana is one of the more than 25 digital assets that users can now work with that the company supports.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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