5 Key Metrics Indicate $SOL Could Reach New All-Time Highs
Solana (SOL) is showing strong potential for new all-time highs as the crypto market gains momentum. Despite trading sideways for the past 7 months, SOL is now positioned to break out of its consolidation phase. Here are five key metrics driving this bullish outlook:
1. Development Activity
According to Santiment, Solana’s development activity spiked to 140 on October 29, indicating continuous innovation within the ecosystem. High development activity is a positive signal for investors, showcasing a mature, evolving network.
2. Social Dominance
$SOL social dominance hit a high of 9.17, reflecting increased attention across platforms like X (Twitter) and Reddit. Growing social engagement often correlates with increased demand from retail and institutional investors.
3. New Addresses and User Growth
On-chain data shows a surge in new SOL addresses, rising from 2.99 million to 5.32 million in October. This spike signals a rise in adoption as new users drive activity on the Solana blockchain, supporting its price momentum.
4. Total Value Locked ( TVL) in DeFi
SOL’s Total Value Locked (TVL) in DeFi applications rose from $3.8 billion to $6.25 billion, a 63% increase. This growth in TVL showcases rising investor confidence and strengthens the network’s foundation for potential price gains.
5. Open Interest in Solana Futures
SOL’s open interest in futures grew by 46% in October, from $2.14 million to $3.41 million. This increase indicates active speculation on Solana’s future price, signaling strong market confidence.
Conclusion: With rising development activity, user growth, increased DeFi TVL, and strong market interest, Solana’s outlook remains bullish. These metrics suggest SOL could be on a path to reach new all-time highs.#BinanceBlockchainWeek #BTCBreak71K #USJoblessClaimsDip #CryptoPreUSElection