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<h2 id="header-0">Despite a losing trend, the price of Solana (SOL) has increased by 12% to retake the $11 mark.</h2><p>In the final week before New Year&#39;s Eve, the market value of the &#34;Ethereum-killer&#34; Solana fell by more over $1 billion, hitting its lowest point since February 2021. However, in just a few days as 2023 began, the price of Solana (SOL) rocketed back beyond the $11 level.</p><h3 id="price-increase-for-solana-sol">Price Increase for Solana (SOL)</h3><p>With about $500 million flowing into SOL&#39;s market capitalization over the previous twenty-four hours, the altcoin grew by 12%, putting its total worth back up to $4 billion at the time of writing.</p><p>This comes after Vitalik Buterin, the founder of <a href="https://www.coingabbar.com/en/crypto-currency/ethereum-eth-prices-usd" rel="noopener noreferrer nofollow">Ethereum</a>, expressed his favourable support. The previous week, Buterin tweeted that &#34;wise individuals&#34; had informed him that Solana has a sincere, clever development community and that the network has a bright future now that the network&#39;s nasty, opportunistic money people have been flushed out.</p><p>Buterin continued by expressing his great hopes for the Solana community, saying that it will &#34;get its fair shot to develop.</p><p>Some wise people have told me that Solana has a community of sincere smart developers, and that the chain has a promising future now that the horrible opportunistic money people have been flushed out.</p><p>It&#39;s also important to note that after being negative for days, the technical analysis of Solana&#39;s two-hour indicators on CoinGabbar is primarily positive now. The summary gauge for the analysis shows a &#34;buy&#34; signal at 13 and the moving averages show a &#34;strong buy&#34; signal at 12. Other oscillators are supporting a neutral stance at 8.</p><h4>Memecoin BONK</h4><p>The community is anticipating a significant development from a new memecoin on the Solana network, which is fueling the optimistic feeling surrounding the cryptocurrency. The price of the coin with the ticker name BONK has already increased by 135%, and its trading volume has outpaced that of other significant cryptocurrencies.</p><p>In the meanwhile, the Solana network&#39;s marketplaces that accept the token as a valid payment option have found widespread adoption. Additionally, Austin Federa, Head of Strategy &amp; Communications at the Solana Foundation, recently tweeted in support of the cryptocurrency project with a canine motif.</p><p>At the moment, the <a href="https://www.coingabbar.com/en/crypto-currency/solana-sol-prices-usd" rel="noopener noreferrer nofollow">Solana</a> (SOL) price is trading at $11.16. According to cryptocurrency market tracker Coingabbar, this marks a rise of 12% for the day as opposed to a fall of 1.2% over the previous week.</p>

What Led the Solana Price to Rise 12% in One Day?

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