Solana (SOL) has been looking for a permanent move above the $200 level for a long time. However, there was optimism in the crypto market when Bitcoin passed $70,000 at the end of October. This optimism also mobilized Solana investors. So much so that, according to last minute information, Canary, a company that previously applied for an XRP ETF, this time applied for a spot ETF for Solana. This important development highlighted Solana’s potential and brought with it a remarkable bullish opportunity. Here are the basic metrics that SOL can reach new heights.
Strong Increase in Development Activity
According to Santiment data, development activity at Solana spiked to 140 points on October 29. High development activity indicates that the ecosystem continues to strengthen and innovations are rapidly coming to life. This development is of great importance in terms of gaining investors’ trust. It also points to the potential for Solana to increase its long-term value.
In addition, the continuously increasing development activities confirm that the technical infrastructure is solid and that the project has a strong roadmap for the future. Solana’s ongoing innovation efforts ensure a solid presence in the market, thus keeping investor interest warm.
Solana (SOL) Sees Increased Interest on Social Media
In recent weeks, Solana’s presence on social media has grown rapidly; its social dominance has reached 9.17 levels. This is an indication of how much attention the cryptocurrency has attracted on social platforms. Increased social interaction attracts the attention of investors and has a positive impact on price movements.
This rise in social media makes Solana more attractive to both individual and institutional investors. The increasing popularity on these platforms further engages existing investors in the project. It also attracts new investors to the ecosystem, increasing demand pressure.
Significant Increase in New Addresses
On-chain data shows that new addresses are rapidly increasing on the Solana network. This number has increased from 2.99 million to 5.32 million. This is evidence that the network’s adoption rate is rapidly increasing and also strengthens the long-term growth potential for Solana. The increase in the number of new addresses is evidence that a larger user base is being created.
This growing user base sets a positive stage for higher demand and price movements in the future. Solana’s expanding ecosystem is driving interest in the project as a long-term source of confidence for investors, while also confirming that the platform is built on solid foundations.
Increasing Demand for Solana (SOL) by Institutional Investors
Over the past year, several fund managers have shown interest in the Solana market by filing for spot ETFs in different jurisdictions. For example, the Brazilian Securities and Exchange Commission (CVM) has approved two spot Solana ETFs that are set to launch in the near future.
In June, 3iQ filed to list Solana exchange-traded products (ETPs) on the Toronto Stock Exchange. In the United States, VanEck also filed with the US SEC for a spot Solana ETF. All of these developments point to a near-term rally by Solana, which could set a new record. However, as Kriptokoin.com reports, cryptocurrency markets are volatile. They also carry risks. For this reason, it is important for investors to consider the risks in their own analysis.
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