- Solana’s SOL increased by 4% on Oct. 14, reaching above $150 during a marketwide recovery.
- SOL’s trading volume rose 77%, reaching $1.9 billion, contributing to its price increase.
- Memecoins on Solana’s network have also seen notable gains, boosting overall network activity.
On October 14, Solana’s SOL continued its upward trend, trading above $150 for the first time in days. Data from multiple sources shows a steady rise in SOL’s price over the last 24 hours, gaining 4%, with a cumulative increase of 13% since October 10, when it traded at a low of $135.43.
This price rally follows a surge in trading activity on the Solana network. In the past 24 hours alone, trading volumes have jumped 77%, reaching $1.9 billion. SOL’s market capitalization has also risen, strengthening its position as the fifth-largest cryptocurrency with a valuation of $71.6 billion.
Increased Activity Boosts Solana Network
Driving this price surge is the increasing popularity of memecoins on Solana’s network. These tokens have seen significant gains, with some experiencing double-digit increases in just the past week. Memecoins like Dogwifhat (WIF), Bonk (BONK), and others have all contributed to the rise in Solana’s onchain activity.
Recent data indicates a significant increase in daily transactions on the Solana blockchain, with the number of transactions jumping from 13,351 on October 8 to 19,283 by October 14. This rise in network activity has led to greater demand for SOL tokens, as users increasingly interact with decentralized apps and services on the platform.
Solana’s Revenue and Market Structure
Additionally, revenue generated on the Solana network has shown steady growth. On October 13, daily revenue reached $745,570, a sharp rise from just $136,330 in mid-September. This has coincided with an increase in the total value locked (TVL) on the network, which has climbed 18% since the beginning of October.
Technical analysis of Solana’s price movement suggests that SOL could soon test the $200 mark. The formation of an ascending triangle pattern indicates a bullish trend, with potential for further price increases. However, should the price fall below the $150 support level, it may lead to a correction toward $135.
