Solana’s Bullish October Potential

Solana (SOL) has a promising outlook for October, driven by increased network activity, strategic partnerships, and positive market sentiment, according to analyst Ryan Lee from Bitget Research.

Market Sentiment and Activity

Lee noted that the current market’s positive sentiment, combined with heightened activity on the Solana network and ongoing ecosystem development, suggests that Solana might perform better than expected this month, potentially hitting a price range of $160 to $180.

Robust Support Level

Solana’s support level at $110 has proven resilient during market downturns, including the liquidation event in early August. The token has consistently shown strong performance during recovery phases for high-market-cap tokens.

Growth in the Memecoin Sector

The memecoin sector within the Solana ecosystem is thriving, with Lee mentioning that it has been particularly robust during market rebounds.

Increase in Active Users

On-chain data reveal that Solana saw an increase in daily active addresses, averaging over three million in September, compared to under one million in previous months. Tristan Frizza, Founder of Zeta Markets, suggests this surge is fueled by a mix of interest in Solana, trends like memecoins, and involvement from celebrities like Iggy Azalea.

Post-Breakpoint Excitement

Following the Breakpoint event in Singapore, there’s been growing interest and excitement surrounding the Solana ecosystem.

Total Value Locked at Multi-Month High

The total value locked (TVL) in Solana has risen to approximately $5.5 billion, a multi-month record, with Jito network, Kamino Finance, and the Jupiter DEX leading in TVL.

DEX Activity Comparison

Recent data shows the Solana-based DEX, Raydium, has experienced increased transaction activity, while the Ethereum DEX, Uniswap, has seen declines in user activity and asset value.

Institutional Interest

Lee pointed out the growing institutional interest in Solana, highlighted by support from Franklin Templeton and Citibank. Graham from Ryze Labs believes Solana could challenge Ethereum’s dominance in the institutional sector, though some, like Edward Snowden, express concerns over centralization in Solana.

Current Price Status

As of now, Solana’s price stands at $147.58, reflecting a decrease of over 5% in the past 24 hours. Bitcoin dominance is at 53.8%, while Ether dominance is at 13.3% according to CoinGecko data.