In the past six months, the price of Solana (SOL) has increased by over 400%, breaking its 2023 record and surpassing the $72 level for the first time since May 2022, with a rise of over 15% in the last 24 hours. The most significant trigger for the increase in the altcoin’s price was the Jito (JTO) AirDrop. Another trigger was Robinhood’s start of cryptocurrency services in Europe and inclusion of SOL in its list of supported cryptocurrencies.
Solana’s Price Continues to Rise
The cryptocurrency market has been on fire in recent weeks, with its total market value heading towards $1.7 trillion, marking a significant increase. SOL, the top of the list of best-performing altcoins during this period, is leading the way.
SOL, which has made a remarkable rise that has captured the attention of the entire cryptocurrency world in the past few months, has seen its price increase by over 400% in the last 180 days. The altcoin, which consolidated between $60 and $65 last week, turned upwards again today and rose over 15% in the last 24 hours. This rise not only broke the 2023 record but also surpassed the $72 level for the first time since May 2022.
What’s Behind SOL’s Rally?
One of the main triggers for the increase in SOL’s price was the JTO AirDrop to eligible Solana users. These users received 10% of the total supply of 1 billion JTO tokens. Market observers estimate that investors who were able to buy small amounts of SOL before the AirDrop tend to invest in the altcoin by selling the JTO tokens they received with the AirDrop. Indeed, the fact that JTO’s price fell by over 50% after reaching the $6 level at its initial market entry indicates a trend in this direction.
JTO stands out as the governance token of the Jito Foundation, an organization aiming to “improve the staking economy through JitoSOL and related products” and enhance the Solana ecosystem.
Another factor causing an increase in SOL’s price was Robinhood’s expansion into Europe. The American financial services company has made its cryptocurrency trading service available to eligible customers in the European Union (EU). Users can now buy and sell over 25 cryptocurrencies, including SOL, through the company’s cryptocurrency service.
