Following the crash of FTX, once among the world’s biggest crypto exchanges, the cryptocurrency market is making steady progress, with Solana (SOL) playing a crucial role in the recovery.
Registering the 20% increase in price the day before, Solana continues to make gains on its daily chart
The data shown by Finbold on November 24, shows Solana tops the list of top 100% cryptocurrencies by 24-hour price hikes. At press time, Solana (SOL) was being traded at the price of $14.27, a 9.31% increase in 24 hours.
Are the Solana’s Blackouts Finally Resolved?
Solana was facing some internal issues regarding updating the nodes, which seems to be fixed now as per the current market performance of Solana (SOL).
It is interesting to watch that the steady increase in the price comes just days after one of Solana Labs’ co-founders, Anatoly Yakovenko, made an announcement, in which he encouraged validators to update nodes.
Anatoly, publicly talked about this important upgrade in his Tweet back on 19th November. It seems the post has captivated the market sentiment.
According to him, updating the nodes is vital in addressing the repetitive power outages in the Solana network caused by overloaded UDP-based protocols.
He further stretched his viewpoint by adding that due to these consistent power outages, several financial technology and blockchain experts criticized Solana’s team.
Solana has taken the Step in the Right Direction
Many experts believe that the current upgrade, where Solana has urged its validators to update the nodes is the best decision to make.
This has been the second most significant development after Solana and Ethereum (ETH) tied knots to fulfill their multi-chain vision.
As the cryptocurrency market is recovering at a steady pace, Solana (SOL) is making noise throughout the market with its timely decision-making.
Crypto Community Has Remained Bullish over Solana
The market trends argue that cryptocurrency has decided to remain bullish regarding the price of Solana (SOL) by the end of 2022.
Predicting that if things kept going on in the same direction, Solana would be trading around an average price of $26.75 on December 31.
Even though this figure is comparatively lower than the earlier estimations reported by Finbold. But the current trend shows that Solana will continue to perform well in the cryptocurrency market.
Investors seem to be triggered by the current surge of 9% in 24 hours. However, investing in cryptocurrency which is certainly surrounded by a bullish and speculative trend can be equally rewarding and tricky.
But, for those who are looking for short-term gains, this time is perfectly suitable for investing in Solana (SOL).