Price Recovers! This Altcoin Gives Hope to Its Investors with New Addresses and TVL Increase!

Over the past seven months, the Solana price has been stagnant, struggling to break above the $200 level. However, the recovery in the crypto market towards the end of October could help the SOL coin price break out of this prolonged consolidation period.

Development Activities

According to Santiment data, Solana’s development activity increased rapidly on October 29, reaching 140. This development shows that the network is mature and open to innovation. This increase in development activity can create confidence in investors.

SOL’s social dominance has also seen a significant increase in the past week. On Tuesday, this rate reached 9.17%. Social dominance indicates how much interest a crypto asset receives on social media platforms. This increase in interest indicates that retail and institutional investors are increasingly interested in Solana.

The number of new addresses on the Solana network also increased from 2.99 million to 5.32 million in October. This growth indicates that demand for the network is increasing and adoption is accelerating. This increase in the number of new addresses could also have a positive impact on the Solana price.

Developments in the DeFi Ecosystem

According to DeFiLlama data, Solana’s total value locked (TVL) on DeFi increased from $3.8 billion to $6.25 billion, representing a 63% growth. This increase indicates that Solana is attracting more capital in the DeFi space and reflects investor confidence.

SOL’s open interest in the futures market also increased in October. Open interest grew 46% from $2.14 million to $3.41 million. This increase reflects investors’ expectations for Solana’s future price movements and reflects market confidence.

Price Outlook

Strong network activity, increasing DeFi investments, dynamic developer community, institutional interest, and positive market sentiment make Solana’s price outlook positive. In light of these indicators, it is thought that SOL could advance to new all-time highs.

In summary, as the Solana network grows and its user base expands, the potential for price movement increases.