Solana (SOL) has experienced significant growth in transaction volume, with a peak of $224 billion in a single day. Its current price is $159.82 and market cap is $75.27 billion. This transaction boost is attributed to a high-activity wallet using multiple accounts, possibly an arbitrage bot, which ramped up activity in early October.
Solana has seen a surge in its Total Value Locked (TVL) from $4.77 billion to $7.24 billion within six weeks, marking a 54% increase, and the number of new addresses in Solana recorded a sharp rise from 3 million to 5.9 million in October, a 96% surge. With the crypto market generally appearing sluggish, Bitcoin’s capacity to reach a new All-time-high (ATH) could push Solana to greater gains.
Investment asset management firms are trying to get the United States Securities and Exchange Commission (SEC) to approve their Solana ETF filings, which could influence the coin’s price and future outlook. Solana still faces outage challenges, but ecosystem updates are helping to support the coin’s price.
