Solana price rallied on Thursday due to investors’ positive response to a new bridge in the ecosystem. SOL reached a high of $18.21, making it one of the top-performing cryptocurrencies that day.
The launch of deBridge feature has enabled Solana to communicate with Ethereum and other Ethereum Virtual Machines (EVM) such as Arbitrum and Optimism. This bridge eliminates the need to use wrapped and other derivative tokens for communication. According to the founder of deBridge, users and projects that needed to transfer liquidity to Solana have always had limitations due to the lack of liquidity in Wormhole pools and high slippage during the exchange of the wrapped assets.
The relaunch of FTX also contributed to Solana’s price surge. However, the daily chart shows that the SOL price has been under pressure in the past few months. This trend saw it drop to the January low of $13.35 this month. It has made a modest recovery and is now attempting to move above the 50-day moving average. It has also jumped above the resistance at $16.05.
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