Solana price today: $144.10

  • Solana gains nearly 4% on Friday, the Ethereum-alternative token trades at $144.10. 
  • In the past week, Solana gained 5.42%, according to data from TradingView. 
  • SOL could extend gains by 13% to hit August 8 high of $163.70. 

Solana (SOL) has been in an upward trend since October 2023. The native token of the Solana blockchain has gained consistently, riding on the meme coin ecosystem’s growth in SOL. On-chain metrics like new addresses and active addresses in the Solana network have observed an increase, as of October 9, 2024.    

Solana on-chain metrics signal SOL price growth

Solana network’s active addresses and new addresses have shown an increase, according to data from The Block. About 3.44 million addresses are active, as of October 9, as seen in the chart below. This marks an increase from a low of 3.06 million on October 6. 

Active Addresses

Number of active addresses on the Solana Network 

Transactions on the Solana network climbed consistently in October, up to 38.88 million on October 10, 2024. Increase in transactions is a sign of higher demand among market participants and likely higher adoption among traders. 

Non-vote

Non-vote transactions on the Solana Network 

Solana announced a developer bootcamp to introduce devs to its blockchain and power projects on the SOL chain. 

Another bullish metric is the volume of decentralized exchanges on Solana. Data from Syndica shows that Solana’s spot decentralized exchange volumes have exploded to $480 billion year-to-date (YTD) in 2024, surpassing the annual volumes of 2022 and 2023. It marks a 22X increase compared to 2022 and 11X increase compared to 2023. 

DEX Volume

Solana DEX Volume

Solana Price Forecast: SOL could gain 13%

Solana started its upward trend in October 2023. Since then the altcoin has climbed. SOL noted largely range bound price action between the upper boundary of $163.70 and the lower boundary of $110 since August 5. 

SOL could extend gains by 13.6% and rally toward $163.70, facing resistance at the September 30 low of $151.73. 

The Relative Strength Index (RSI) reads 50.38, hovering around the neutral level. 

SOL

SOL/USDT daily chart

A daily candlestick close under October 10 low of $135.52 could invalidate the bullish thesis for Solana. SOL could sweep liquidity at the 200-day Exponential Moving Average (EMA) at $140.67. 

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

SEC delays decision on NYSE application for ETH ETFs options

SEC delays decision on NYSE application for ETH ETFs options

In a filing on Friday, the Securities & Exchange Commission noted that it had delayed its decision on the New York Stock Exchange proposal to list and trade options on Ethereum exchange-traded funds.

More Cryptocurrencies News
Bitcoin Price Forecast: BTC eyes $80K as Coinbase traders raise demand 145%

Bitcoin Price Forecast: BTC eyes $80K as Coinbase traders raise demand 145%

Bitcoin price hit a new all-time high of $76,825 on Thursday, November 7, and continued to consolidate above the $76,000 level on Friday. On-chain data trends show unusually high demand for BTC among US-based traders on Coinbase over the past two weeks. 

More Bitcoin News
Cardano's ADA and NEON lead $47 million cliff unlocks next week

Cardano's ADA and NEON lead $47 million cliff unlocks next week

Cardano's ADA and NEON lead the crypto market in another round of cliff unlocks worth $46.9 million next week. The unlocks comes amid extended gains across several cryptocurrencies after Donald Trump emerged as the winner of the US presidential election last Tuesday.

More Cardano News
Ethereum Price Forecast: ETH could see fresh demand after Fed's 25 bps rate cut and Trump's election victory

Ethereum Price Forecast: ETH could see fresh demand after Fed's 25 bps rate cut and Trump's election victory

Ethereum is trading above $2,900 on Thursday, up 2% on the day as it's looking to flip key resistance levels to set a new all-time high. The top altcoin could overcome these hurdles after the Federal Reserve reduced interest rates by 25 basis points.

More Ethereum News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP