Solana Price Prediction as SOL Dips Below $10 Before Ethereum Founder Vitalik Buterin Comes to the Rescue – Here's What Happened
Solana price is witnessing a relief rally ahead of the New Year following Ethereum co-founder Vitalik Buterin's hint that he could come to the network's rescue. SOL was hammered the most in November after Sam Bankman-Fried's FTX exchange collapsed.
The network suffered for its direct financial ties with entities owned by FTX and its sister company Alameda – both have filed for bankruptcy under Chapter 11. Investors quickly gave Solana the sell rating, which resulted in a massive crash, extending SOL's leg 96% below its all-time high in November 2021.
Solana dropped from the top ten cryptocurrency list and now holds the 19th spot with a market cap of $3.5 billion. The once-promising token exchanges hands at $9.48 after a 2.2% bullish move in 24 hours.
The attention SOL is getting from investors can be attributed to Buterin's remarks. Trading volume is up 189% to over $1.5 billion across DEXs and CEXs. Solana price must reclaim support above $10 to validate a possible V-Shaped recovery to $14.53.
Buterin has chimed in on the state of Solana's ecosystem, especially its blockchain. He reckons that he has been informed there is an exemplary developer community within Solana, whose fate could be hanging in the balance following the exit of "opportunistic money" seekers. According to the co-founder of the largest smart contracts platform and the second-largest crypto, the Solana blockchain "has a bright future."
However, he admitted he is currently on the outside, looking in but "hopes the community gets its fair chance to thrive." Solana may need a dedicated leader to see it achieve its goals as a strong enough chain to compete with established networks like Ethereum and Cardano. Therefore, input from a celebrated developer like
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