Solana's SOL Crypto: On the Way to $50? Analysis of the Most Performing Asset at the Moment

In 2021, the year of cryptocurrency’s glory, SOL was trading at $259.96 per coin. Since then, the graphs have shown nothing but a staggering fall for the Solana crypto. This has left investors in doubt about the future of their favorite digital asset. However, with the recent surge in Bitcoin, SOL has also performed well. Many believe it could soon be trading at $50. Let’s delve in!

Solana, the most bullish crypto of the moment?

The crypto winter, referred to by some as a bear market, seems to be over, making way for a bull run. Bitcoin started with a surprise on October 24th, surpassing the $35,000 mark amid speculations about Bitcoin spot ETFs. As usual, when BTC is doing well, altcoins also turn green.

This is the case with SOL, whose performance far exceeds that of the queen of cryptos.

Solana’s $SOL outperformed other top crypto assets in October with a 50% gain, adding $6 billion to its market cap.

SOL is also up over 250% year-to-date. https://t.co/EH0fI51py9 pic.twitter.com/DyRzydobNf

— CoinDesk (@CoinDesk) November 1, 2023

CoinDesk, in a recent analysis, specified that SOL has “outperformed” other cryptocurrencies during October. Indeed, during this period, Solana’s native crypto showed an increase of more than 50%. By comparing the statistics from the beginning of 2023, analysts projected over a 250% gain for this altcoin.

It’s worth noting that figures differ from one platform to another. A quick check on CoinGecko revealed that SOL gained 80% in a month and only 32.6% over a year. Furthermore, the price of Solana’s crypto at the time of writing this article was $43.80.

In a publication by Finbold, an increase of 62% in Solana’s market capitalization was also noted. In fact, within a month, SOL managed to add $6 billion to its value when it increased from $9.88 billion on October 2nd to $16.4 billion on November 1st.

“Solana, which has now returned to the #7 spot on market cap rankings, has now seen its value rise +62% in a great month of October. Notably, nearly 2% of all discussions related to top 100 assets are related to SOL, & rising volume would be bullish,” noted the crypto analysis platform Santiment.

Future perspectives

At the beginning of October, fellow crypto analysts at Cointribune highlighted a hypothesis of a bullish rally for SOL. Another study emphasized the breakout of two resistances: $27 and $32.

However, as a cryptocurrency, SOL might suffer from volatility and undergo corrections. VanEck estimates that this surge in Solana’s token could take it up to $3,211.