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Solana (SOL) is on a bullish streak as it attempts to consolidate its growth for October and possibly end the month with a massive bullish surge. The price of Solana, according to data from CoinMarketCap, is set at $34.61, an increase of 7.41% in the last 24 hours. This growth comes at a time when Bitcoin (BTC) appears to be paring its gains, a bearish move as expected.
What Solana Metrics Show
In addition to this huge uptrend recorded overnight, Solana is also showing impressive trading volume. According to the chain’s data, a total SOL worth $885,337,875 has been sold, which represents a 116% price increase. This huge interest, as evidenced by trading volume, underlines Solana’s appeal to retail and institutional investors.
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Solana’s daily chart, as shown above, shows an increase of $32.41 to its current price level thanks to trading volume. In addition to volume, Solana’s total value locked (TVL) on its DeFi platforms also underlines that the protocol has enormous room for growth. With a value of $394.16 million, Solana has the capacity for long-term growth to catch up with its peers.
Overall, Solana has maintained growth of up to 241% year-to-date (YTD), leaving its main competitors such as Cardano (ADA) behind, as the protocol continues to welcome bullish predictions for the coming years. months and years.
SOL Potential Target Price
With the current price outlook, Solana is currently trading at its highest price level of the month. However, with the coin at a price discovery level, we could see it reach a high of $40, a feat that, if achieved, will mark its highest level since June 2022.
Solana has obvious whale actions, predictions, and fundamentals within its ecosystem that can help it achieve this historic price growth in the near future.
