Solana “promised to a bright future” according to Vitalik Buterin, the price climbs 30%

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

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Vitalik Buterin thinks Solana has a bright future

The year of Solana (FLOOR) was complicated. Cryptocurrencies as a whole are struggling to remain attractive in this time of bear market, and the bankruptcy of the FTX platform hurt Solana. The situation is complicated, but Vitalik Buterin considers that Solana has a bright future ahead of him:

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

Vitalik Buterin like Elon Musk?

Elon Musk is known for his interventions on Twitter. When he posts content closely or remotely similar to Dogecoin, the price rises quickly. Vitalik Buterin posted a tweet yesterday at 11:30 p.m., and the effect was immediate:

Solana price rebounds 30% after Vitalik Buterin's tweet
Solana’s price climbs 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 well-liked person in the cryptocurrency world, this gives credit to the Solana project that needs it. Indeed, the project suffers from the setbacks of the platform FTX.

This movement is not enough to resume a bullish momentum on Solana?

As explained in This article, Solana is in bearish momentum in the short and medium term. The movement created following the declaration of Vitalik Buterin does not change much in the situation:

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

If we zoom out and place ourselves in day laborer, we notice that Vitalik Buterin’s statement December 29 changed absolutely nothing. The course is still in downtrendand the rebound initiated by the tweet came up against 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 rebound a new wave of decline cannot be ruled out. The price could drop 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 with web 3 developers. However, it seems that this is not enough to relaunch a bullish momentum in the price. The creator of Ethereum is not a trader. He also invites us to forget the price to focus on the fundamental in dark times.

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