Analyzing Solana’s (SOL) Impressive 62% October Surge and Predicting Its Future Growth

Solana’s 62% Gain in October

Solana’s SOL ended the past month of October with a remarkable 62% gain, as reported by on-chain analytics firm Santiment. According to Santiment, nearly 2% of all discussions related to the top 100 assets are centered around SOL, indicating a growing social dominance for the cryptocurrency.

Santiment also noted that Solana’s interest and optimism among investors have risen in tandem with its price. The cryptocurrency has returned to the 7th spot on the market cap rankings, marking a significant achievement considering its recent surge in value.

Positive Indicators and Trading Volume

The growing trading volume is viewed as a positive sign for Solana. Santiment’s chart illustrates the increase in Solana trading volume, suggesting that a continuous rise in volumes would be beneficial for the cryptocurrency’s market cap to continue climbing.

Market Cap and FTX Liquidation Concerns

Despite concerns over FTX liquidating its approximately 57 million SOL tokens, SOL’s market cap has surged significantly, reaching $16.54 billion. The unlocking schedule for FTX/Alameda’s SOL varies, with an average unlock date of Q4, 2025.

Current SOL Performance

As of the latest update, SOL is up by 7.81% in the last 24 hours, trading at $39.59. Over the past seven days, SOL has seen a growth of 24.81%. Year-to-date, SOL has experienced an impressive surge of over 250%.

Advancements in Solana Ecosystem

At Solana’s breakpoint 2023 event, it was revealed that Solana nodes are now available for quick deployment on AWS. Businesses can utilize infrastructure as a code app in the AWS blockchain Node Runners repository to deploy their own consensus and remote procedure calls (RPC) nodes. This advancement allows enterprises to connect their decentralized applications (dApps) to the blockchain with minimal technological effort and overhead.

This development is a significant milestone for the Solana ecosystem, enabling businesses to deploy Solana validators using blockchain node runners, an open-source initiative for deploying self-service blockchain nodes.

Support for Solana on Blockchain Node Runner

Following Ethereum, Solana is the second blockchain to be supported by Blockchain Node Runner, providing further opportunities for developers and businesses to engage with the Solana network.