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Solana (SOL) Price Jumps 20% in the Last 24 Hours…Here’s Possible Reason Why?

Solana (SOL) Price Jumps 20% in the Last 24 Hours…Here’s Possible Reason Why?

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Answer Solana (SOL) Price Jumps 20% in the Last 24 Hours…Here’s Possible Reason Why?

The price of Solana, the native digital currency of the Solana blockchain, is up 20% in the last 24 hours at a current price of $25.17.

Solana coin has outperformed the top 10 altcoins in terms of daily and weekly gains, having gained 12.73% since last week.

According to Santiment, an analytics firm that specializes in blockchain data and numbers, Solana’s current price increase is supported by higher trading volume.

In the published chart, Santiment writes that traders are showing fear of missing out on the FOMO opportunity related to Solana, due to the massive pumping that took place on Friday.

Read:Australian police seize $1 million worth of cryptocurrency in new drug case

Trading volume shows a 170% rise in the last 24 hours, according to CoinMarketCap data.

Increased trading volumes usually coincide with higher volatility as traders jump in to take profits.

The rally started after a positive tweet from Ethereum co-founder Vitalik Buterin, expressing hope that Solana would get a fair chance to thrive, shortly after SOL plunged to a record low of $8.19 in the wake of the FTX fiasco.

Notably, Sam Bankman-Fred, the founder of FTX, has been a strong supporter of Solana.

SOL has doubled its price since mid-December, to $25.17 at press time, and the SOL cryptocurrency is up 107% this year alone.

Another ray of hope driving Solana’s price hike is Solana being named one of the fastest growing developer ecosystems in 2022, according to a recent report by Electric Capital.

According to the statistics provided, the number of developers working on Solana exceeded 2,000 in 2022, making the project second in raw numbers only after Ethereum.

The number of developers increased by 83% between December 2021 and December 2022.

Read:Animoca warns of fraudulent digital currency impersonating its name, available on Uniswap

Along with the increase in the number of developers, Solana has seen a significant increase in fee adoption.

This has been seen all over the network at the levels of dApps and digital wallets.

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