5 Key Metrics Suggest Solana Price Could Hit New All-Time Highs

Over the past 7 months, the Solana price has traded sideways, struggling to sustain above the $200 level. However, as the crypto market witnessed a renewed

Solana price analysis reveals a strong bullish momentum as the coin price prepares to break out of a prolonged consolidation. Several key metrics, including development activity, social dominance, and new addresses, indicate a growing interest and demand for Solana.

Moreover, the Total Value Locked (TVL) in DeFi protocols on Solana has surged by 63%, further bolstering the network's appeal to investors.

Finally, the rising open interest in Solana futures suggests that investors are speculating on the coin's future price direction, adding to the overall bullish sentiment.

Collectively, these metrics point towards a potential price rally for Solana in the upcoming period.

Solana price analysis: 5 key metrics that suggest SOL coin price is set to hit new ATH

The crypto market witnessed a renewed bullish momentum in late October as pioneer digital asset Bitcoin surged past $70,000.

As the altcoin market mimics the recovery trend, Solana price prediction has caught the attention of investors as these five metrics signal its potential for new ATH.

Solana development activity surged to 140 on October 29th, indicating active development.

Typically, a high development activity suggests that the ecosystem is maturing with continuous innovation, which is crucial for maintaining its high position in the emerging crypto market.

A high development activity often drives confidence among investors, which could be a positive for its native cryptocurrency.

Solana price analysis shows that SOL’s social dominance has witnessed an upward trajectory since last week, hitting a high of 9.17 on Tuesday.

This metric highlights how much attention a cryptocurrency gathers on social media platforms like X (formally known as Twitter), Reddit, and other forums.

Increased social engagement typically translates to higher interest from both retail and institutional investors, reflecting the demand pressure in the market.

On-chain data shows a dramatic surge in SOL’s new addresses, rising from 2.99 Million to 5.32 Million in October.

The influence of new users not only accelerates network growth but also drives demand in Solana price as new participants engage in transactions and greater activity on the blockchain.

The growth in new addresses is considered among the core developments of the network as its indicates increased adoption.

Solana price analysis highlights the Total Value Locked (TVL) in DeFi, which rose remarkably from $3.8 Billion to $6.25 Billion, registering a 63% growth.

Typically, this increase indicates growing investors’ confidence as they lock more capital into the network’s Decentralized finance (DeFi) application.

This metric accentuates highlighted user activity and a robust network that is suitable for a major SOL price reversal.

Solana price analysis reveals a strong bullish momentum as the coin price prepares to break out of a prolonged consolidation. Several key metrics, including development activity, social dominance, and new addresses, indicate a growing interest and demand for Solana.

Moreover, the Total Value Locked (TVL) in DeFi protocols on Solana has surged by 63%, further bolstering the network's appeal to investors.

Finally, the rising open interest in Solana futures suggests that investors are speculating on the coin's future price direction, adding to the overall bullish sentiment.

Collectively, these metrics point towards a potential price rally for Solana in the upcoming period.

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