The price of Solana’s SOL (SOL) experienced a 20% gain between Sept. 28 and Oct. 6, but is the rally a tandem move with Bitcoin (BTC), or is it being driven by other factors? Prior to the price breakout — or perhaps, its recovery — SOL faced a turbulent period after a U.S. court approved the sale of $1.3 billion in SOL from the bankrupt exchange FTX.
The bankruptcy court has taken measures to ensure that the liquidation of FTX assets won’t become a burden for the crypto market, demanding the sale to occur through an investment adviser in weekly batches in accordance with preestablished rules.
Following the initial impact, which drove SOL’s price down to a two-month low of $17.34 on Sept. 11, some degree of confidence among bulls emerged as it reestablished the $20 support on Sept. 29. This movement coincided with a successful upgrade to version 1.16, boosting SOL by 16% over the next seven days.
SOL’s rally was also supported by growth in the usage of decentralized applications (DApps) and increased nonfungible token (NFT) volumes on Solana. SOL’s price is now attempting to establish a $23 support and consolidate its position as the fifth-largest cryptocurrency (excluding stablecoins) by market capitalization, surpassing ADA’s (ADA) $9.22 billion.
Solana’s DApp and NFT market activity surges
When analyzing networks focused on DApp execution, the number of active users should be a top priority. Therefore, one should begin by quantifying the addresses involved with smart contracts, which serve as a proxy for the number of users.
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Author: Marcel Pechman
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