In the last six months, the price of Solana (SOL) has surged over 400%, breaking the 2023 record and exceeding the $72 mark for the first time since May 2022, with an increase of over 15% in the last 24 hours. The most significant trigger for the price increase was the Jito (JTO) AirDrop to eligible Solana users.
The cryptocurrency market has shown a significant uptrend in recent weeks, with the total market capitalization moving towards the $1.7 trillion mark. SOL, one of the best-performing altcoins of this period, is leading this rise.
SOL has captivated the attention of the cryptocurrency world with its remarkable rise over the last few months, increasing more than 400% in the last 180 days. The altcoin, which fluctuated between $60 and $65 last week, has entered a new phase of increase today, showing a rise of over 15% in the last 24 hours.
The JTO AirDrop was one of the main reasons for the increase in SOL’s price. Eligible Solana users received 10% of the total supply of 1 billion JTO tokens. Market observers speculate that investors who were able to purchase small amounts of SOL prior to the AirDrop may have sold their JTO tokens and reinvested in the altcoin.
Another factor was Robinhood’s expansion into Europe. The American financial services company has introduced its cryptocurrency trading service 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.