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

TL;DR

Solana’s Rapid Growth: Solana (SOL) has surged 400% in six months, recently jumping 15% in a day to exceed $72, marking its highest price since May 2022.

Jito Airdrop’s Impact: The distribution of Jito tokens to Solana users might have contributed to SOL’s recent price increase.

Robinhood’s Influence: SOL’s valuation could have also been driven by Robinhood adding Solana to its cryptocurrency offerings in the EU.

SOL Keeps Stealing the Show

The cryptocurrency sector has been on fire recently, with the global crypto market cap inching toward $1.7 trillion (per CoinGecko’s data). One digital asset that stands out among the best performers is Solana (SOL).

It captured the community’s attention in the past few months, with its price exploding almost 400% in the last 180 days. Despite the consolidation between $60 and $65 in the previous week, SOL once again headed north today (December 8). It has climbed nearly 15% in the past 24 hours, surpassing $72 for the first time since May 2022.

SOL Price, Source: CoinGecko

What Stands Behind SOL’s Rally?

One reason playing a role in the rise could be the Jito airdrop that reached eligible Solana users. Such individuals received 10% of the overall supply of 1,000,000,000 JTO tokens. 

Some users were able to stake small amounts of SOL previously and later get substantial sums of the newly introduced asset. Recall that JTO’s price hit the $6 mark at its debut before plunging by over 50% in the following hours.

The coin is the governance token of the Jito Foundation – an entity that aims to “enhance the staking economy through JitoSOL and associated products” and improve the Solana ecosystem.

Another factor that might be driving SOL’s valuation up is the interaction coming from Robinhood. The American financial services company expanded its cryptocurrency trading options to eligible clients in the European Union (EU). Users can now deal with over 25 digital assets supported by the firm, with Solana being one of those.

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