October, known as the bullish month for Bitcoin and altcoins, started with a decline. While non-crypto-specific reasons (tensions between Iran and Israel) were effective in this decline, investors still continue to expect an increase in October.
At this point, analysts expect Solana to rise in October, and they assessed that increased network activity, strong partnerships and market sentiment will be effective in this rise.
Speaking to The Block, Bitget Research Principal Analyst Ryan Lee claimed that increased activity on the Solana network, combined with significant partnerships and positive market sentiment, has paved the way for the SOL price rally.
“Given current market sentiment, increased activity, and the continued development of the Solana ecosystem and key partnerships, we expect Solana to be more bullish than bearish in October, potentially reaching a price range of $160 to $180.”
Stating that $110 is an important support level in Solana, Lee said that this support also worked during the great crash at the beginning of August and SOL held on firmly to this level.
Stating that on-chain data showed that Solana experienced a significant increase in daily active addresses in September, the analyst pointed out that Solana's total locked value also reached approximately $5.5 billion, reaching the highest level in recent months.
*This is not investment advice.
