Santiment analysts noted Solana’s growth by 62% during the first three weeks of October. In monthly terms, the altcoin rose in price by about 80%. Experts believe that the cryptocurrency rate has increased amid increasing interest in it on social networks.
Also in October, a significant increase in SOL trading volume was recorded. Out of the top 10 altcoins, the digital asset turned out to be the most effective. It took seventh place in the cryptocurrency ranking.
On the night of November 3, the price of Solana exceeded $42. Analysts do not rule out that the coin may test the level above $50 this week.
This is facilitated by large investors demonstrating interest in the altcoin. The value of SOL-based contracts deployed previously was close to $600 million, according to Coinglass.
Serious interest in Solana futures on Binance and Bybit previously rose to $247.5 million and $163.6 million, respectively. The last time a similar situation was observed was in mid-spring 2022.
VanEck analysts believe that by 2030, the price of SOL can increase multifold from $9.8 to $3,211. Such a sharp rise of more than 10,000% motivates investors to seriously evaluate the prospects of the altcoin.
VanEck believes that Solana has a better chance of creating a “killer app” with more than 100 million users than other blockchains. This can be facilitated by high throughput and low transaction fees.
Businesses are also showing increased attention to the SOL blockchain. Last year, Shopify integrated Solana Pay, and then announced the use of the Visa blockchain to facilitate faster and cheaper interbank transactions.