Vitalik Buterin Backs Solana, Price Surges 20% in 24 Hours

• Solana (SOL) has been struggling with FUD following the FTX crash.
• Ethereum founder Vitalik Buterin expressed support for Solana, saying there was still a good developer community on the blockchain.
• The price of SOL saw an upward trend following the tweets from the Ethereum founder.

The digital asset Solana (SOL) has been struggling since the FTX crash engulfed it in FUD, causing its price to decline much faster than the rest of the market. Last week, SOL reached single-digit values for the first time in nearly two years. However, the tide may be turning for the digital asset, as it has recently received support from Ethereum founder Vitalik Buterin.

Taking to Twitter, Buterin expressed support for Solana for the first time. Solana had been unable to keep up with Ethereum due to its ties to the FTX crypto exchange, its sister company Alameda Research, and its founder Sam Bankman-Fried, who have been embroiled in controversy. Buterin explained that „some smart people“ had told him that there was still a good developer community on the blockchain who are earnest and smart. Furthermore, they added that since the opportunistic people trying to make a quick buck had now been pushed out, they expect the network to have a bright future. Buterin said that he couldn’t tell if this was true looking in from the outside but said that he hoped that „the community gets its fair chance to thrive“.

The tweet had an incredibly positive impact on Solana and the price of SOL saw an upward trend following it. The token rallied by over 20% in the 24 hours following the tweet, reaching highs of $13.07. This rally was further supported by a wave of bullish sentiment from the crypto community, as well as the news that the Solana Foundation had burned 1% of its total supply.

The digital asset has been slowly but surely inching its way back up, and is currently trading at around $11.50. It remains to be seen if the token will be able to sustain the momentum it has been gaining, or if it will be taken down by the FUD once again. Regardless, it is encouraging to see the crypto community come together to support the asset and prove that the FUD can be overcome.

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