Solana (SOL) Rose 62% in October, Here's What Might Further Its Climb

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Solana‘s SOL ended the past month of October with a 62% gain, according to on-chain analytics firm Santiment.

In a tweet, Santiment reported growing Solana social dominance, stating that nearly 2% of all discussions related to the top 100 assets are related to SOL. It goes on to say that Solana’s interest and optimism have risen in tandem with its price.

“Solana, which has now returned to the 7th spot on the market cap rankings, has now seen its value rise +62% in the great month of October. Notably, nearly 2% of all discussions related to the top 100 assets are related to SOL, and rising volume would be bullish,” Santiment tweeted.

As indicated in the tweet, the growing volume is positive for Solana. Santiment comments in a chart accompanying the tweet that Solana trading volume is up, and a continuous rise in volumes would be beneficial for the market cap to continue climbing.

Despite concerns over FTX liquidating its approximately 57 million SOL tokens, SOL’s market cap has surged significantly, reaching $16.54 billion. The unlocking schedule for FTX/Alameda’s SOL varies, with an average unlock date of Q4, 2025.

At the time of writing, SOL is up 7.81% in the last 24 hours to $39.59 and up 24.81% in the last seven days. SOL is also up over 250% year-to-date.

Solana nodes are now available for deployment on Amazon Web Services.

As revealed at Solana’s breakpoint 2023 event, Solana nodes are now available for quick deployment on AWS with the help of infrastructure as a code app in the AWS blockchain Node Runners repository.

Enterprises wishing to build on Solana can now deploy their own consensus and remote procedure calls (RPC) nodes to connect their dApps to the blockchain with minimal technological effort and overhead.

This is significant advancement for the Solana ecosystem since businesses will be able to deploy Solana validators using blockchain node runners, an open-source initiative for deploying self-service blockchain nodes.

After Ethereum, Solana is the second blockchain to be supported by Blockchain Node Runner.

About the author

Tomiwabold Olajide

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

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