Solana “promised a bright future” according to Vitalik Buterin, price increases by 30%

Vitalik Buterin plays it like Elon Musk – When Elon Musk talks about Dogecoin on Twitter, the price tends to explode upwards. Writing a few lines on Twitter, the creator of Ethereum pushed up the price of Solana by almost 35%. With the Solana token having a disastrous end to the year, falling 96% from its all-time high, will this move change the momentum?

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Vitalik Buterin believes that Solana has a bright future

Solana’s (SOL) year has been complicated. Cryptocurrencies as a whole are struggling to stay attractive in this day and age bear market, and the bankruptcy of the FTX platform hurt Solana. The situation is complicated, but Vitalik Buterin believes that Solana has a bright future ahead of her:

“Some smart people tell me there is a community of serious smart developers in Solana, and now that the horrible opportunistic money has been thrown away, the channel has a bright future.”

Vitalik Buterin as Elon Musk?

Elon Musk is known for his interventions on Twitter. When he posts content that is close to or similar to Dogecoin, the price rises quickly. Vitalik Buterin posted a tweet yesterday at 23:30 and the effect was immediate:

Solana price rises by 30% after Vitalik Buterin's tweet
Solana’s price rises 30% after Vitalik Buterin’s tweet

However, Vitalik Buterin’s tweet was probably written to restore confidence in Solana. Since the creator of Ethereum is a globally popular person in the cryptocurrency world, this gives credit to the Solana project that needs it. In fact, the project suffered setbacks from the FTX platform.

This move is not enough to resume bullish momentum on Solana?

As explained in this article, Solana is in bearish momentum in the short to medium term. The movement created after Vitalik Buterin’s statement does not change much in the situation:

Solana is still in a downtrend on a daily basis.
The price of Solana against the dollar (1D)

If we zoom out and place ourselves in day beds, we notice it Vitalik Buterin’s statement December 29 changed absolutely nothing. The course is still in downward trendand the rebound initiated by the tweet ran into the institutional bias (EMA 9/EMA 18).

The bullish scenario would be to break both resistances at $11 and then at $13.5, but it will take more than a tweet to regain bullish momentum on Solana. In addition, the price has blocked at the EMA level, if the buyers do not maintain this recovery, a new wave of decline cannot be ruled out. The price may fall to the next strong weekly support at $3.5.

Vitalik Buterin publicly supports the Solana project and is optimistic about its ecosystem, which remains popular among web 3 developers. However, it seems that this is not enough to restart a bullish momentum in the price. The creator of Ethereum is not a trader. It also invites us to “forget the price” to focus on the basics in dark times.

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