Solana (SOL) Surges 40%, Becomes 10th Biggest Crypto

• Solana (SOL) has gained 40% in the last 24 hours, sparking excitement across the entire Solana ecosystem.
• Solana (SOL) briefly surpassed Polygon (MATIC) in market cap, becoming the 10th biggest cryptocurrency.
• Ethereum founder Vitalik Buterin expressed support for Solana after the token’s value plummeted as much as 20% at the end of last year due to the FTX crisis.

The past week has been an exciting one in the crypto space, with the altcoins leading the way in terms of price gains. One such altcoin that has been making headlines lately is Solana (SOL). The token has been on a steady path to recovery following the heavy market crash late last year, and it has kicked off the weekend with an explosive start. According to data by CoinGecko, SOL has gained a staggering 40% in the last 24 hours, sparking huge excitement across the entire Solana ecosystem.

As a result of its impressive 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.

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 tweet, Buterin expressed his belief that the Solana team was doing “great work” and that the token was “one of the most undervalued” in the industry.

The recent price surge of Solana has led to many in the crypto space speculating that the token’s price will continue to rise in the coming weeks. This could be the start of a new bull run for SOL, and the enthusiasm of the Solana community is certainly palpable. It remains to be seen whether this momentum will be sustained, but these significant price gains indicate an increasing positive sentiment from investors.