- Solana had its price increasing by 7% over the past 24 hours, while its trading volume surged 15%.
- The altcoin project has attracted market players because of its recent Hackathon.
- These elements mean that SOL might rise higher. Time to buy?
Solana (SOL/USD appears to lead the public blockchain network with time. It is a decentralized and open-source cryptocurrency project that utilizes the Proof-of-Stake mechanism.
Solana’s Increased Interest Catalyze the Alt’s Growth
MonkeyBall, a Solana-backed game, raised almost $3 million in its funding round on 21 October. Moreover, Solana held IGNITION, its Hackathon, between 18 October and 22 October 2021. This Hackathon had more than 5,875 participants and over $5,120,000 in prizes. Also, it is the highest Hackathon move by Solana, supporting more than 500 projects. Such developments contributed to the increased interest in the Solana blockchain.
Moreover, Solana declared collaborating with Wormhole to announce UST’s introduction to Solana decentralized finance on 20 October. Keep in mind that Wormhole is a cross-chain interoperability ecosystem connecting top blockchain platforms.
On that day, OKEx declared USDT and USDC’s deposit and withdrawal functionality via the Solana platform. That reflects the growth that the Solana network has seen, translating to $SOL value rising.
Should You Purchase $SOL?
Solana (SOL) traded at $207.05 on 22 October.
We may have to analyze SOL’s performance to ATH and September price movements for where the coin will head in the coming sessions. Solana hit its record high on 9 September, exploring price zones at $213.5.
For now, Solana appears near to its ATH. The altcoin needs a 5% ascend or $11.35 increment to rise above its historic highs. Meanwhile, Solana plummeted towards $122.54 on 22 September, hitting its monthly low. From 7 September to 22 September, $SOL declined by 42% or $90. However, the alt surged by 64% or 79.58 from 22 September to 22 October.
For now, SOL appears to have the momentum needed to touch $210 before October ends, thus not late to purchase the coin. However, beware of the crypto volatility. If you want to buy $SOL, you only need secure and easy-to-use platforms. Capital.com and eToro are among the trading offering trusted services to Solana enthusiasts.