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The market value of Solana overtook Tron and Shiba

The Solana Network, known as the “Ethereum Killer”, has seen a sharp decline in value over the past few months due to the overall bear market and its proximity to Sam Bankman Fried (SBF) and the bankrupt exchange FTX. But recently, this network managed to surpass Shiba Inu and Tron (TRX) in terms of market value.

According to Valex and quoted by Bitcoinist, the SOL currency price has grown by 0.9% in the last twenty-four hours (January 6 and 7, 2023). With this increase, the price of Solana experienced a growth of 36% during the last week.

Solana’s recent relative growth had two main catalysts; First, the tweet of Vitalik Buterin, the founder of the Ethereum network, who recently said about this ecosystem:

Now other opportunistic people have left this network and a bright future is waiting for this network.

Another factor is the release of a meme named Kevin Bonk It was on this network. This token, which is the only meme of Kevin Solana, attracted a lot of attention and made headlines.

With the release of this token, the number of network transactions increased, which had a favorable effect on investors’ sentiments.

In addition, we are approaching the deadline for the migration of the Helium network to the Solana blockchain, which can be an important factor in increasing Solana’s price. On the other hand, with the migration of the famous DeGods and y00ts NFTs to the Polygon and Ethereum networks, the field of NFTs in this network may have been significantly damaged.

An important point that should not be ignored is the intense “FUD” towards this network. A lot of fear, uncertainty and doubt have been hanging over Solana since the fall of FTX.

Recent developments may be a way for this blockchain to get away from the negative news a bit. However, the Solana Foundation was undeniably close to the FTX exchange, and the network’s total locked-in capital (TVL) has suffered significantly in the wake of the events that unfolded. Perhaps, with these words, Solana will never be able to return to the previous peaks, but with recent developments, the way has been paved for a fresh start.

Total locked capital of Solana network

What does Solana’s analysis show? It seems that the resistance at $13.97 has been able to withstand the current wave of price growth and pull the price down to the $13.10 support. Given the strong correlation of SOL with Bitcoin and Ethereum and macroeconomic variables, Solana price may take a long time to recover.

SOL price chart
SOL price chart

The recent employment report in the non-agricultural sector of the United States was positive and showed Reducing the unemployment rate had The next indicator that investors are looking forward to is the Consumer Price Index (CPI) data that will be released next week.

If promising information is published, the price of Solana along with other digital currencies can start a new upward wave.

The post Solana’s market value has overtaken Tron and Shiba appeared first on Wallex Blog. appeared.


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