- Solana is predicted to hit $180 in October after the asset recorded a 30-day surge of 11.64% with a weekly gain of 4%.
- Five main factors – Solana meme coins rally, potential Donal Trump’s re-election impact, historical performance in October, bullish technical indicator, and on-chain activities have been tipped to cause this upsurge.
Solana (SOL) has shown signs of a strong bullish resurgence as it makes a 4% comeback to hit $152 at press time.
Meanwhile, analysts believe that the asset could make headway into the $180 zone in October due to the reasons discussed below.
Solana Meme Coins Rally
According to our data, the Solana ecosystem has recorded a 24-hour surge of 7% with most of the gains coming from the meme coins. This significant increase in the meme coins is expected to boost the Solana network activities and set the stage for an early-phase rally in 2024. Looking at data from Dune Analytics, Solana’s meme coin generator Pump.fun is fast growing with a cumulative revenue of $127.8 million.
Potential Donald Trump Re-election Impact
US presidential candidate Donald Trump has been tipped by Bookmakers to have a 53.7% chance of winning the upcoming election. According to the bank’s digital assets chief, Geoffrey Kendrick, this realization could boost the broader crypto market. However, Bitcoin (BTC) and Ethereum (ETH) could be overshined by Solana (SOL) due to its high scalability and fast transaction speed. Per his observation, Solana could surge between 100X to 400X when Trump wins.
Historical Performance in October
Historically, Solana has been performing very well in October, with CryptoRank confirming that the asset surged by 14% on average within the past four periods. If history is anything to go by, Solana could bounce back into the $180 zone before the month ends.
Technical Indicator Confirms Upsurge
Looking at the SOL’s daily price chart, analysts observed the formation of a bullish pennant pattern. From the chart below, we can see a “dominant trend with a pole and two downsloping trendlines recuperating the bullish trend.”
According to the analysts, a validation of this pattern could position the asset at a 25% surge into the predicted price point. Failure to validate this thesis could send the price to a prolonged sideways.
On-chain Activities
Solana’s active addresses have surged from 3 Million to 3.47 Million according to IntoTheBlock data. This represents a massive 15% jump. Analysts believe that this underlines improved user activity and engagement on the Solana network and could be a catalyst for future growth. Interestingly, this has been the case in the past few months. In September, we reported that the Solana active addresses had reached 3.11 million in just a month. This was a record high in almost a year.
We also analyzed data from Artemis Terminal and observed that Solana’s Daily Active Addresses (DAA) had reached a high of 5.4 million on September 9. Hellomoon data also confirmed that about 22.88 million new active addresses were created as of September 10, representing a 57% surge from the August records.
