In October, the value of cryptocurrency Solana (SOL) rose by nearly 80%. According to Kaiko, it has soared 520% in the past 12 months.
SOL fell below $8 in November 2022 after the collapse of the FTX exchange and its subsidiary Alameda Research. Its rise resumed in 2023 and it now trades at $59.7, adding another more than 9% in 24 hours.
Solana has consolidated its position in the top five altcoins, ahead of the second-largest stablecoin USDC. Kaiko analysts believe that SOL is close to the local top.
In early November, investors began sending the cryptocurrency to exchanges. Most likely, they will start selling it in the coming days.
A large transfer is indicated by the WhaleAlert service. 249,999 SOLs worth approximately $10.8 million were sent to the Binance exchange.
Open interest in Solana on the futures market is at its highest since November 2021. It surpassed $779 million this week, as evidenced by data from the Coinglass platform.
Deployed contracts on Binance and Bybit total $338.35 million and $225.88 million, respectively.
Analyst Jacob Canfield predicts SOL to soar to $1,000. The growth will take place in several stages.
The partnership of Solana network developers with giants such as Google, Circle and Amazon will increase the attractiveness of the altcoin.
An increase in the number of DeFi protocols based on this blockchain will also boost the value of the digital currency, Canfield emphasized.