The rising tide of terrorism “Solana Killer” Solana’s (SOL) price dropped dramatically. SOL traded at $135 earlier today. However, this did not last as it dropped to $130. SOL traded at $130.70 as of the press deadline, which represents a drop of 1.23% over the last 24 hours. It is a small increase from the low on Monday of $129
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Solana price surge: What factors are driving it?
Community Optimism and Analyst Predictions
In spite of this, community members remain optimistic. Joji is an analyst that revealed Solana would reach $500 sooner or later. SOL has been gaining momentum according to recent posts. This could lead to a massive 379% increase in the value of SOL. Analyst predicted future price surge by noting an accumulation period on Solana’s price chart.
SOL soared by 884% in comparison to a similar position at the start of 2021’s bull run. Joji said that cycle would repeat itself. From a comparable price in August 2021, the asset’s November peak of $260 was a significant increase. SOL currently sits 49% below its peak.
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Solana is witnessing a significant increase in the number of active addresses
Artemis’ data indicates that Solana’s active monthly addresses are at an all-time record high. This steadily increasing sign is typically bullish. There are currently over 76 millions of these addresses. This is a significant increase from the 42 million recorded on September 1st.
Solana Price Impacted by Additional Factors
Solana could reach $500 in a number of ways. The increase in addresses active will definitely help the altcoin grow. SOL’s price may also be affected by other factors, such as the market cap of SOL, its regulatory status, or network activity.
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Source: watcher.guru