Solana Price Rebounds Above $100 Post Recent Flash Selloff

• At the time of writing, SOL is trading at $100.54, up 2.54% in the last 24 hours.
• If the price manages to go above $108 level then it will likely test $112 resistance level.

In a recent post on twitter, Solana co-founder Anatoly Yakovenko stated that the blockchain takes a strong position on Layer 1 scalability. Anatoly Yakovenko elucidates Solana’s resolve to synchronize a worldwide atomic state machine with the speed allowed by laws of physics in a globe abundant with Layer 2 solutions.

In an insightful piece, Anatoly Yakovenko challenges the commonly held belief that Solana would implement Layer 2 solutions. Instead, he highlights the platform’s objective of achieving unparalleled Layer 1 scalability. Yakovenko claims that Solana’s ultimate goal is to synchronize a world atomic state machine as quickly as the laws of physics will allow.

Bitcoin investment products brought in around $1.9 billion in 2023, or 87% of all cryptocurrency inflows, according to the most recent data from CoinShares. Compared to Ethereum’s $78 million, Solana’s investment products received roughly $167 million in yearly inflow from institutional investors.

Brief Recovery

Several cryptocurrencies saw price drops in the double digits during Wednesday’s meltdown. However, a considerable number of them have successfully recouped a significant amount of their losses. As of this writing, Solana has rebounded and is back over the $100 mark, after plunging well below that mark.

Source: CoinMarketCap

At the time of writing, SOL is trading at $100.54, up 2.54% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 36.94%. If the price manages to go above $108 level then it will likely test $112 resistance level. However, if the price goes below $96 level then it will likely decline further to test $92.5 support level.