Two Possible Reasons Why Solana (SOL) Price Skyrocketed 15% Daily

TL;DR

1. Solana’s Speedy Progress: Solana (SOL) has surged 400% in six months, lately leaping 15% in a day to exceed $72, marking its highest worth since Might 2022.
2. Jito Airdrop’s Impression: The distribution of Jito tokens to Solana customers may need contributed to SOL’s latest worth improve.
3. Robinhood’s Affect: SOL’s valuation might have additionally been pushed by Robinhood including Solana to its cryptocurrency choices within the EU.

SOL Retains Stealing the Present

The cryptocurrency sector has been on fireplace lately, with the worldwide crypto market cap inching towards $1.7 trillion (per CoinGecko’s information). One digital asset that stands out among the many greatest performers is Solana (SOL).

It captured the group’s consideration prior to now few months, with its worth exploding virtually 400% within the final 180 days. Regardless of the consolidation between $60 and $65 within the earlier week, SOL as soon as once more headed north immediately (December 8). It has climbed practically 15% prior to now 24 hours, surpassing $72 for the primary time since Might 2022.

What Stands Behind SOL’s Rally?

One cause enjoying a task within the rise could possibly be the Jito airdrop that reached eligible Solana customers. Such people acquired 10% of the general provide of 1,000,000,000 JTO tokens. 

Some customers had been capable of stake small quantities of SOL beforehand and later get substantial sums of the newly launched asset. Recall that JTO’s worth hit the $6 mark at its debut earlier than plunging by over 50% within the following hours.

The coin is the governance token of the Jito Basis – an entity that aims to “improve the staking economic system by way of JitoSOL and related merchandise” and enhance the Solana ecosystem.

One other issue that may be driving SOL’s valuation up is the interplay coming from Robinhood. The American monetary companies firm expanded its cryptocurrency buying and selling choices to eligible purchasers within the European Union (EU). Customers can now take care of over 25 digital property supported by the agency, with Solana being a type of.