Why is Solana’s price up today? Here’s how high SOL can go in Uptober

Today, Solana’s price is up 7% over the last 24 hours trading above $155 amid the Uptober bull run. On-chain data from CoinGecko shows SOL trading in a fourth consecutive bullish session on the daily timeframe.

Solan price performance in October

Solana is one of the top trending tokens in the crypto market. The token forged its identity in 2024 for harboring some of the famous meme coins. According to a post by Santiment, speculation regarding the corporate giant Apple building on Solana has given the coin the break it needed.

Santiment reports, “As the vast majority of crypto has enjoyed Friday gains, $SOL stands out as an asset seeing a major spike in bullish crowd sentiment. There are very loose rumors of Apple potentially building on Solana’s blockchain, triggering the latest hype train.”

Solan Price Uptober Sentiment

SOL’s rally today also coincides with an ongoing recovery in memecoins. Most coins are posting double-digit weekly gains, as shown in the figure below.

In addition, the recent uptick in memecoin prices is closely linked to a notable increase in on-chain activity within the Solana ecosystem, as evidenced by the data from the Dune dashboard pump.fun. 

According to our current SOL price prediction, the price of SOL is predicted to rise by 13.73% and reach $167.62 by November 13, 2024. Per technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 48 (neutral). Solana recorded 14/30 (47%) green days with 5.05% price volatility over the last 30 days.