• Solana (SOL) seeks to move back into the top 10 cryptocurrencies after temporarily flipping Polygon market cap on Jan. 14.
• Sentiment surrounding SOL has swiftly shifted from bearish to bullish as SOL price rose by more than 36% over the last seven days.
• Vitalik Buterin aided in bolstering SOL recovery momentum on Dec. 29, 2022, by posting a supportive statement on Twitter.
As the cryptocurrency market continues to experience volatility, the Solana (SOL) project is looking to return to the top 10. On January 14th, SOL temporarily flipped Polygon’s market cap, potentially signaling a move back into the top 10.
The recent surge in SOL’s price can be attributed to the shift in sentiment. In December of 2022, the developer community of Solana was in a state of turmoil, leading to a bearish outlook on the project. However, the situation has improved significantly over the past few weeks, which has been reflected in the increased value of SOL. Over the last seven days, the coin has gained more than 36%, allowing it to briefly overtake Polygon’s market cap.
Vitalik Buterin, the co-founder of Ethereum, lent his support to the project on December 29th of last year. He tweeted that “some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.” This statement helped to bolster SOL’s recovery momentum, and the coin’s price has continued to grow since then.
Now that Solana is on an upward trajectory, it is looking to re-enter the top 10. It remains to be seen whether or not the coin can maintain its recent gains and make its way back into the top 10. But no matter the outcome, it is clear that the project has seen a significant resurgence in recent weeks and is looking to capitalize on the momentum.