Solana (CRYPTO: SOL) has seen its value increase by 12% over the last 24 hours, pushing it beyond the $11 mark.

What Happened: This surge comes after Ethereum (CRYPTO: ETH) founder Vitalik Buterin expressed his optimism for Solana's future by tweeting that "smart people" have informed him that the smart developer community in Solana is thriving and that the chain has a "bright future" now that “the awful opportunistic money people have been washed out.” 
Apex crypto Bitcoin (CRYPTO: BTC) was trading at $16,679, up 0.49% in the last 24 hours, while Ethereum was up 1.47% at $1,215.

Buterin also wished that the Solana community “gets its fair chance to thrive.” 

Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.

Hard for me to tell from outside, but I hope the community gets its fair chance to thrive

— vitalik.eth (@VitalikButerin) December 29, 2022

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Since last month, SOL has plunged around 20%, falling approximately 95% from its peak of nearly $260 in November 2021. This depletion has resulted in SOL losing its position as the fifth most significant cryptocurrency to the 19th place.

The recent downfall of FTX and Alameda Research had a major impact on Solana's price trajectory. To make matters worse, several major projects have also announced plans to discontinue their development within the Solana ecosystem in recent months.

Price Action: At the time of writing, SOL was trading at $11.16, up 12.25% in the past 24 hours, according to Benzinga Pro.

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