Solana adds $6 billion to its market cap in a month as it targets $50

Following a great month of October, which saw Solana’s (SOL) market cap skyrocket over 62%, adding billions to its total worth, the asset has once again recaptured the attention of cryptocurrency investors.

In fact, in the last 30 days, SOL climbed from $9.88 billion on October 2 to over $16.4 billion on November 1, adding over  $6 billion to its value, as per the latest information taken by Finbold from CoinMarketCap at the start of November.

Solana’s market cap  increase in October  Source: CoinMarketCap
Solana’s market cap increase in October Source: CoinMarketCap

These results have made up 2% of all discussions regarding the top 100 crypto assets of this highly-performing currency.

“Solana, which has now returned to the #7 spot on market cap rankings, has now seen its value rise +62% in a great month of October. Notably, nearly 2% of all discussions related to top 100 assets are related to SOL, & rising volume would be bullish,” according to the information published on crypto analytics platform Santiment in an X post on November 1.

Solana’s market value rise. Source: Santiment
Solana’s market value rise Source: Santiment

With the rise of the trading volume and market cap, investors are taking note, which can be seen through rising interest levels and optimism.

Can Solana reach $50 price value?

Solana is currently trading at $39.45 at the time of press. The increase of 7.49% in the last 24 hours aims to continue on an already impressive trend of 24.64% in 7 days.

SOL 7-day price chart Source: Finbold
SOL 7-day price chart Source: Finbold

With the indicators that are all looking positive and the $40 price valuation in the books, a new milestone arises, a one of $50 value.

Considering that SOL’s value has almost doubled in the previous month, this new milestone doesn’t seem far-fetched and unobtainable, and we may see this crypto asset reaching it sooner rather than later.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.