• Ethereum co-founder Vitalik Buterin recently praised the Solana network for its development progress and thriving ecosystem.
• This has caused SOL’s price to fall below $10 for the first time in over a year and a half.
• SOL must reclaim support above $10 to validate a possible V-Shaped recovery to $14.53.
The Solana blockchain has been making waves in the crypto space over the past few months. From its impressive infrastructure to the addition of various DeFi protocols, the platform has been making a name for itself. However, in the past few days, the price of its native token, SOL, has been slipping due to the fear that Sam Bankman-Fried and venture capital firms may sell their tokens. This has caused SOL to dip below $10, for the first time in over a year and a half.
Fortunately, Ethereum co-founder Vitalik Buterin recently stepped in to lend his support to the Solana ecosystem. In a recent tweet, Buterin expressed his admiration of the smart developer community within the Solana network and his hope that the community will be given a fair chance to thrive. His input has been seen as a positive sign by many in the cryptocurrency community, as it could potentially bring much-needed confidence and support to the Solana blockchain.
In order for SOL to return to its previous price, it must reclaim support above $10. This is because such a move could validate a possible V-Shaped recovery to the $14.53 mark, which would be a much-needed relief for the Solana network. Although the future is uncertain, it is certain that the Solana blockchain has a lot of potential and the community is optimistic that it can reach its full potential.