on an attempt to steady its rise for October and maybe cap off the month with a huge bullish spike, Solana (SOL) is now on a bullish run. Based on statistics from CoinMarketCap, Solana is now trading at $34.61, up 7.41% in the last day. This increase coincides with what is obviously a negative move, as Bitcoin (BTC) looks to be trimming its gains.
What Solana metrics show
In addition to the significant rise that was seen last night, Solana is showing a very high trading volume. On-chain data shows that a total of $885,337,875 worth of SOLs have been exchanged, representing a 116% increase in price. The trading volume, which demonstrates the significant demand, highlights how appealing Solana is to both individual and institutional investors.
The daily chart of Solana, as seen above, demonstrates how the trading volume propelled a price increase from $32.41 to the present level. In addition to volume, Solana’s DeFi platforms’ total value locked (TVL) highlights the protocol’s enormous expansion potential. With a market value of $394.16 million, Solana has the potential to develop over time and overtake its competitors.
Solana has maintained a year-to-date (YTD) increase of up to 241%, outpacing its leading competitors, such as Cardano (ADA), as the protocol continues to get positive forecasts for the upcoming months and years.
Potential SOL price target
Solana is now selling at its highest price point for the month given the current price expectation. But now that the currency is at a price discovery level, we can see it approach $40, which would be its highest level since June 2022 if it were to succeed.
Solana can soon accomplish this historic price gain thanks to clear whale actions, forecasts, and ecosystem fundamentals.
