Solana Surges Ahead, Outpacing Bitcoin And Ethereum This October

Solana (SOL) has been shining this October, outpacing Bitcoin and Ethereum after returning from its low point earlier in the month.

With more users becoming active on the network and transactional growth increasing significantly, Solana's rise has been even more impressive. Solana has surged over 14% over the past two weeks, reaching a high of $171.

Solana Gains Momentum with a Surge in Active Users and Transaction Volumes

Miles Deutscher'srecent analysisshared with his 549,000 followers shows that Solana has seen steady growth over the past three months. The number of daily active addresses has been rising consistently.

By late August, the metric hit a high of around 3 million active addresses. However, in early October, the numbers dipped slightly, showing a brief pause in its upward trend.

Once again, the number of active addresses quickly rebounded. By Deutscher's report, it had surged to 6.2 million.

Daily transactions on the Solana network have also been rising, showing more user activity. In early September, the number of transactions was relatively low. However, through October, there was a steady increase.

Alongside active addresses, transaction volumes also peaked, reaching 45.2 million. This growth happened alongside the rise in active users.

Additionally, fees on the Solana network have steadily increased. This fee increase has mirrored the rise in both transactions and active addresses. As more users became active and transactions grew, the network's fee structure followed the same upward trend.

By mid-October, the total fees collected on the Solana network had reached about $2.3 million. As the network experienced more demand, fees naturally climbed in response.

The rise in fees is directly linked to the increased transactional activity on the Solana network. However, the growth hasn't been entirely steady; there have been noticeable fee fluctuations throughout the period.

These shifts suggest that while activity is increasing, there may still be periods of volatility or temporary slowdowns in user engagement.

Solana's Unpredictable Rise in the AI Landscape: A Closer Look at Recent Market Trends

Despite this positive trend, an analyst described Solana as the gambling chip of the AI casino." This phrase hints at some skepticism, implying that although the ecosystem is becoming more active, it might still carry unpredictability or risk.

In this view, Solana's recent success could be seen as driven by speculation or hype. Also, the growing integration of artificial intelligence in blockchain technology could influence it.

A market analyst highlighted a key technical observation regarding Solana's performance. At that time, Solana was trading below its 34-period and 89-period exponential moving averages (EMAs).

This detail is vital because traders commonly use EMAs to track trends and gauge an asset's momentum. The 34-period EMA focuses on shorter-term trends, while the 89-period EMA gives a broader view of the market's movement over a longer timeframe.

Trading below these EMAs often signals that the asset is experiencing bearish momentum. In simpler terms, the price is moving downward, indicating that selling pressure has increased.

Despite the bearish signals, the analyst expected a potential breakout while Solana was trading at around $140. This means he believed the price could rise significantly in the future.

Solana has reached $170,a 14% increase in the last two weeks, indicating a positive market sentiment.

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