Solana
Solana ($SOL) has been performing well in the past few weeks, bolstered by high trading volumes and interest on new tokens. IBTimes US

KEY POINTS

  • Gumshoe noted how Solana is 'doing more volume than the entire Ethereum' and L2 ecosystem
  • Some Solana-based tokens are also climbing, including $CUTO and $GNON
  • Standard Chartered analysts recently projected that $SOL may pump 5x under a Trump win

Solana ($SOL) has been on an uptrend in the last 30 days amid significant activity among users and positive outlooks from analysts. Will the cryptocurrency continue its positive streak?

Data from CoinGecko late Sunday night showed that SOL has been up by over 6% in the last 24 hours and has been rallying by 13.5% in the past week. The digital coin has also seen 12.7% increase in the past two weeks and is up by nearly 16% throughout the past month.

Compared with other top cryptocurrencies, Solana prices have fared better in the past week, outperforming Bitcoin, which saw a 9.6% increase in the last week.

Solana late Oct 20 2024
$SOL outperformed $BTC in price increases in the last seven days. CoinGecko

$SOL Volumes Pass Ethereum, L2 Ecosystem

The spike in SOL prices may be attributed to solid trading volumes on the Solana network in recent days. In the last 24 hours alone, trading volume hit $1.669 billion as per data posted by pseudonymous crypto user 0XGumshoe.

"Solana is doing more volume than the entire Ethereum + L2 ecosystem in the last 24 hours," Gumshoe wrote. "This one is of the books," another Solana network user said, referring to the bullish volume activity on the chain compared to Ethereum and other layer 2 solutions.

Solana maximalist Mobby Deep said he isn't surprised about Solana racing past the Vitalik Buterin-founded network. He acknowledged that while Ethereum "has done a lot for the crypto" industry, the blockchain is no longer as reliable as Solana.

$SOL Driven by Token Frenzy

Aside from trading volumes on the rise, some Solana-based crypto tokens may also be affecting SOL prices, considering how much attention specific tokens are getting in recent weeks.

For instance, on-chain data analysis firm Lookonchain uncovered the activity of a trader who spent $3,000 on the Numogram (GNON) token launched just last week on the Solana chain.

In a matter of three days, the unknown trader's three wallets where 56 million GNON tokens were distributed upon purchase are now worth more than $9 million.

There's also much activity around a 22-day-old Solana-based token, Cutoshi (CUTO), which several crypto influencers have put on their radar, including Altcoin Alchemist.

Positive Analyst Outlooks Under Trump

The ongoing surge of activity around the Solana chain also comes after analysts at multinational bank Standard Chartered said they are expecting SOL prices to jump by up to five times if Republican presidential candidate Donald Trump wins in next month's elections.

Their projection may be coinciding with current data on decentralized market prediction platform Polymarket, where Trump is leading Vice President Kamala Harris by around 20 percentage points.

Lingering Doubts among Some Crypto Users

While many crypto users are celebrating the Solana blockchain's recent rally, some doubt whether traffic on the network are actually due to human trading and engagement.

"LOL half of SOL traffic is volume bots. Everyone knows this," one user said, while another questioned why Solana users are so "confident" when the SOL chart looks like the digital token is "struggling to break out with lower highs each time it tests break out zones."

It remains to be seen how SOL prices will react in the lead up to the elections as the crypto market navigates politics and economy.

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