Welcome to the Daily Dispatch from Decrypt. This is Stacy bringing you your daily news dose to start your day. Catch the latest from across our Hubs here!
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It’s another bright and shiny day for Solana, which shot past the $60 mark this morning and is up 12% in the past 24 hours.
Earlier this month, it looked like at least part of the reason SOL was seeing a resurgence was because of a short squeeze. That means traders who were short SOL—betting the asset would go down in price—were forced to buy to avoid further losses.
The rally hasn’t quite hit the the network’s DeFi ecosystem yet. SOL balances are flat compared to the start of the month. But a Nansen analyst says it’s primed to pick up momentum.
That all leaves the Ethereum competitor in very different standing compared to a year ago, when FTX had just filed for bankruptcy and SOL’s price slumped for fear that the project’s proximity to SBF would be fatal.
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