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The price of Solana (SOL) jumps 20% in the last 24 hours… here’s the likely reason why?

The price of Solana (SOL) jumps 20%

Solana SOL, Blockchain Solana’s original digital currency, rose 20% in the last 24 hours at a current price of $25.17.

Solana outperformed the top 10 cryptocurrencies in terms of daily and weekly gains, having risen 12.73% since last week.

According to “Santiment”, a blockchain data and number analytics company, the current price increase for Solana is supported by higher volume of trading.

In the published graph, “Santiment” wrote that traders show fear of losing the FOMO opportunity related to Solana’s currency, due to the huge infusion that occurred yesterday Friday.

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

Increased trading volumes typically coincide with high volatility as traders jump to take profits.

The rise began after a positive tweet from Ethereum co-founder Vitalik Butyren, hoping Solana would get a fair chance to prosper, shortly after SOL fell to a record low of $8.19 following the FTX fiasco.

It is worth mentioning that Sam Pankman Fred, founder of FTX, was a strong supporter of Solana.

SOL has doubled its price since mid-December, reaching $25.17 at the time of publication, and the SOL digital currency has risen 107% this year alone.

Another glimmer of hope led to a rise in Solana’s price of selecting Solana as 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 developers in 2022, bringing the project to second place in terms of initial figures only after ethereum.

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

Besides the increase in the number of developers, Solana has seen a marked increase in fee adoption.

This has been seen throughout the network at the levels of decentralized application dApp and digital wallets.

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