Solana could grow by 30% in the near future

The Solana blockchain SOL $255.40 Solana 0.18% Market capitalization $121.23 billion VOL. 24 hours $1.34 billion demonstrates a significant increase in user activity, according to analytics for October. More than 7 million unique addresses have made at least one transaction, which reflects a 70% increase compared to the previous period. Such dynamics may have a positive impact on the value of the SOL token, which has prospects of breaking the $ 200 mark for the first time since April, i.e., growing by 30% from the current level.

A significant increase is also observed in the volume of transactions, which has reached 44 million over the past 30 days, exceeding the previous figures by 24%. Solana’s dominance on decentralized exchanges is particularly notable, with daily trading volume exceeding $ 13 billion, outpacing even Ethereum ETH $3,317.05 Bridged Ether (StarkGate) -1.65% Market capitalization $0.28 billion VOL. 24 hours $2.01 billion with its $ 8 billion.

A significant achievement was the growth of the total value of blocked assets in the Solana protocols to $ 6.22 billion, the highest since January 2022. This result is a strong indication of the growing trust in the network and its stability in the decentralized finance ecosystem.

Experts predict that further growth in network activity may stimulate demand for the SOL token, which is used to pay transaction fees. If the current trend continues, the price may overcome the resistance level of $ 172.53 and reach $ 194.12 and even $ 210, which has not been seen since March.

However, analysts call for caution, warning of the possibility of a correction to support levels of $ 148.15 or $ 133.76 in the event of a decline in activity and demand. Despite the optimistic outlook, investors are advised to carefully weigh the risks and consult with experts before making investment decisions.