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These 3 Solana (SOL) Metrics Point to This Price Target

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Mon, 30/10/2023 - 12:44
These 3 Solana (SOL) Metrics Point to This Price Target
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Solana (SOL) is on a bullish run in its bid to consolidate its growth for October and, possibly, to end the month on a massive bullish surge. Solana's price, according to data from CoinMarketCap, is pegged at $34.61, up by 7.41% over the past 24 hours. This growth comes at a time when Bitcoin (BTC) appears to be paring off its gains, an unsurprisingly bearish move.

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What Solana metrics show

Besides this massive uptrend recorded overnight, Solana is also displaying an impressive trading volume. Per on-chain data, a total SOL worth $885,337,875 has been traded, amounting to a 116% jump in price. This massive interest as showcased by the trading volume underscores the attractiveness of Solana to both retail and institutional investors.

SOL 1D Chart. Source: CoinMarketCap

Solana's daily chart, as depicted above shows a surge from $32.41 to its current price level on the back of the trading volume. Besides volume, Solana's total value locked (TVL) on its DeFi platforms also underscores the protocol has massive room for growth. Pegged at $394.16 million, Solana has the capacity for growth in the long term to catch up with its peers.

Overall, Solana has maintained as much as a 241% year-to-date (YTD) growth, leaving behind its top competitors, like Cardano (ADA), as the protocol continues to welcome bullish predictions for the coming months and years.

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Potential SOL price target

With the current price outlook, Solana is currently trading at its highest price level for the month. However, with the coin in a price discovery level, we can see it touch 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.

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