Solana (SOL) has seen its social discussion rate soar to a 5-month high, accounting for almost 2% of all discussions related to the top 100 cryptocurrencies, according to data from Santiment.
Solana had a stellar price performance in October, with Santiment revealing that it had risen 62% within the month at its disclosure.
However, current data confirms that SOL closed October with a 79% rise amid a bull campaign that outperformed most assets. Solana remains one of the top altcoins with a sustained rally entering November, as seen in its 7.05% jump to $38.28.
The Solana Santiment Profile
Santiment observed that Solana now ranks as the 7th largest crypto by market cap, with its valuation currently at $16,110,351,294 ($16.1 billion) atop a 7.49% jump. The Santiment data confirmed Solana’s interest levels and optimism are soaring alongside its price.
? #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. https://t.co/mIZzKHNmbc pic.twitter.com/KdMdULhyq3
— Santiment (@santimentfeed) October 31, 2023
Besides this, Solana’s trading volume remains elevated, and at press time, these figures show a 3.25% uptick to $1,490,239,008 ($1.49 billion). This figure also positions SOL as the 7th most traded crypto in the market over the past 24 hours.
Solana’s social dominance hit a high of 2.326% on May 31. While it dropped from this level, social dominance recorded a massive jump from about 1.25% on September 30 to a peak of 1.886% in mid-October. While the social dominance dropped from this peak to 1.797% at the moment, Santiment considers this a positive omen for the asset.
Similarly, Solana’s trading volume pales compared to the peak of $2.76 billion recorded in mid-July. However, its uptick concerning current market trends drew much optimism from Santiment. The analytics platform believes there’s a need for a continued surge in trading volume for Solana’s market capitalization to keep up its upward momentum.
Soaring Against the Tides
For October, Solana welcomed a mix of bullish and bearish news that impacted its overall performance. The digital currency makes up a significant portion of the funds exiting FTX/Alameda Research’s wallet with speculations of liquidations.
The bullish momentum, sustained throughout the month, witnessed a boost backed by market whales. Generally, Solana bagged bullish predictions from the industry, including asset management firm VanEck.
Per the VanEck projection, Solana will hit $3,211 by 2030. This projection hinges on Solana’s ecosystem philosophy and ability to hit at least 20% of Ethereum’s take rate.