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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Solana Gains 40% As Crypto Market Continues Its Recovery

Semilore Faleti
Semilore Faleti
2 years ago
3 mins read
SOLANA

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Following the heavy market crash late last year, the crypto landscape has been on a steady path to recovery, with the altcoins leading the way. Solana(SOL) is one of these many altcoins, and it has kicked off the weekend with an explosive start. 

According to data by CoinGecko, SOL has gained 40% in the last 24 hours, sparking excitement across the entire Solana ecosystem. Although it remains unknown how long the altcoin can sustain such momentum, these significant price gains indicate an increasing positive sentiment from investors.

Interestingly, as a result of its price rally, Solana (SOL) even surpassed Polygon (MATIC) in market cap, becoming the 10th biggest cryptocurrency. However, this was only for a short time, as the Ethereum-based token has since reclaimed its position.

At the time of writing, SOL trades at a price of $23.75 with a 24-hour trading volume of $2,499,092,493 based on data from CoinGecko. That said, the token’s market cap is set at $8,820,357,518, with a circulating supply of 370,622,211. 

SOL trading at $22.42 | Source: SOLUSD Chart on Tradingview.com

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Solana Has Been In The News Lately 

Prior to today’s development, Solana has been one of the altcoins in the headlines mainly due to its impressive price action. On Dec. 30, 2022, Ethereum founder Vitalik Buterin tweeted a statement expressing support for Solana after the token’s value plummeted as much as 20% at the end of last year due to the FTX crisis.

In the next 24 hours following Buterin’s tweet, SOL’s price surged by 12% from around $8.19 to $9.50. At the start of the second week of 2023, SOL was trading at a value of $17.1, representing a price increase of about 80.63% in just over a week. Since then, SOL has been moving sideways till its price surge today. 

Asides from the tweet from Buterin, another propelling force behind Solana’s price actions were the massive price movements of the Solana-based meme coin BONK.

Early this year, BONK, a new meme coin launched on December 25, gained over 2000% in the first week of the year, becoming the biggest meme coin in the Solana ecosystem. 

Although BONK soon crashed 50% following its tremendous bullish run, there is still much optimism surrounding the meme coin as many investors expect it could return to the previous high price levels in the coming weeks. 

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Price Prediction For Solana In 2023

According to top price prediction site, Wallet Investor, the price of SOL could fall as low as $5.875 in 2024, indicating a plausible 73.836% decrease from the current market price.

However, Coincodex is predicting an overall bull market for Solana this year. The team expects SOL to trade at a value of $67.64 by 2024 if the altcoin follows the growth trajectory of the internet over the next 12 months. 

Regardless of the price predictions, Solana has started the year strong and appears to be one of the most promising projects for 2023. That said, investors are reminded not to rely on price predictions when making investment decisions; rather, they should do their due diligence while consulting market financial experts. 

Featured Image: Solana.com, Chart from Tradingview.com
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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