- In October, Solana (SOL) witnessed a remarkable 62% increase in value.
- The blockchain platform’s market capitalization experienced a significant surge, reaching $16.54 billion.
The past month has been nothing short of extraordinary for Solana (SOL), as the cryptocurrency ended October with a staggering 62% gain. This impressive performance was highlighted by Santiment, a leading on-chain analytics firm, which also pointed out an increase in Solana’s social dominance. Almost 2% of all discussions pertaining to the top 100 assets in the crypto space are now centered around SOL, a sign of growing interest and optimism in the platform.
📈 #Solana, which has now returned to the #7 spot on market cap rankings, has now seen its value rise +62% in a great month of October. Notably, nearly 2% of all discussions related to top 100 assets are related to $SOL, & rising volume would be #bullish. https://t.co/mIZzKHNmbc pic.twitter.com/KdMdULhyq3
— Santiment (@santimentfeed) October 31, 2023
A Surge in Value and Market Dominance
Solana has reclaimed its position as the 7th largest cryptocurrency by market capitalization, a testament to its growing influence and adoption in the market. The increase in trading volumes has been identified as a positive indicator, with Santiment noting that a continuous uptrend in trading volumes would contribute positively to SOL’s market capitalization.
Despite concerns stemming from FTX’s potential liquidation of approximately 57 million SOL tokens, Solana’s market cap has seen a robust increase, currently standing at $16.54 billion. The unlocking schedule for FTX/Alameda’s SOL holdings is spread out, with the average unlock date set for Q4, 2025, providing some stability in terms of potential market impact.
At the time of writing, SOL has experienced a 7.81% increase over the last 24 hours, trading at $39.59. Additionally, it has surged by 24.81% over the past seven days, with a year-to-date increase of over 250%.
Integration with Amazon Web Services
In a notable development for the Solana ecosystem, Solana nodes are now available for deployment on Amazon Web Services (AWS). This announcement, made during Solana’s breakpoint 2023 event, highlights the ease with which enterprises can now build on the Solana blockchain. They can deploy their own consensus and remote procedure calls (RPC) nodes, connecting their decentralized applications (dApps) to the blockchain with minimal technological hurdles.
This integration is a significant milestone, not only for Solana but also for the broader blockchain ecosystem, as it simplifies the process of running blockchain nodes, fostering greater adoption. Solana has become the second blockchain, following Ethereum, to be supported by Blockchain Node Runner, reflecting its rising stature in the world of decentralized technologies.