After the collapse of FTX, Solana (SOL) has made an incredible recovery, catching the attention of the entire crypto community with its significant price increase. Tron‘s founder, Justin Sun, highlighted Solana’s 61% price surge since December 1, 2023, and announced a potential update that could further boost liquidity on the Solana blockchain. This surge led to Solana overtaking Binance Coin (BNB) in market value, climbing to the fourth position.
On December 22, 2023, Justin Sun revealed plans to integrate the Tron wallet with the Solana blockchain. The Tron wallet, with over 10 million users globally and support for over 100,000 tokens, could significantly impact Solana’s ecosystem. Sun reached out to Solana’s co-founder Raj Gokal and Solana Labs co-founder Anatoly Yakovenko on the X platform, inquiring about their thoughts on the potential collaboration.
The announcement follows reports linking Sun to the acquisition of cryptocurrency exchange Huobi Global. In April 2023, it was revealed that Sun had purchased the exchange for approximately $1 billion after majority shareholder Leon Li sold his shares in 2022. Despite this, Sun recently denied owning any stake in Huobi, although he continues to serve as a global advisor for the exchange.
The timing of Sun’s announcement coincided with a period when Solana received strong support from institutional investors and surpassed BNB. Meanwhile, the broader crypto market is anticipating significant developments, including the potential approval of the first spot Bitcoin ETF in the United States by the SEC, which could trigger a bull run in the crypto markets.
Earlier reports indicated that institutions and major investors had begun selling SOL, with Bitmex co-founder Arthur Hayes stating he had sold SOL to move into Ethereum. The crypto community is now closely watching these developments and their potential impact on Solana’s future.
