October's bullish potential is driven by increased activity on the network, strategic partnerships and positive market sentiment, said the analyst.
Ryan Lee, principal analyst at Bitget Research, believes that increased activity on the #Solana network combined with key partnerships and positive market sentiment sets the stage for a bullish outlook. Given the current market sentiment, increased activity, the continued development of the Solana ecosystem and key partnerships, we expect Solana prices to be bullish rather than bearish in October and could reach the $160-$180 range, Mr. Lee told The Block in an email to The Block.
G Mr. Lee noted that Solana's $110 support level has shown resilience during market downturns, including the liquidation in early August. He also emphasized that Solana has consistently ranked high in the recovery phase for tokens with high market capitalization.
The memcoin sector in the Solana ecosystem has shown strong growth. Mr. Lee emphasized that the memcoin sector in the Solana ecosystem has been one of the most resilient sectors during the upswing.
Onchain data shows that Solana saw a significant increase in daily active addresses in September, with an average of more than 3 million users per day compared to less than 1 million in previous months, according to Tristan Fritz, founder of Zeta Markets.
This increase in activity can be attributed to a combination of general interest in Solana, trends such as memcoins and the involvement of celebrities and creators such as Iggy Azalea, who have attracted retail interest in the ecosystem, as well as a large and growing This can be attributed to a combination of builder efforts,
', Frizza told The Block. Frizza added that since the September Breakpoint event in Singapore, where Solana talked about Firedancer and Frankendancer, interest and excitement about the entire Solana ecosystem has grown.
5 billion, the highest in recent months.
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He adds.
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