Solana adds $6 billion to its market cap in a month as it targets $50

Following a great month of October, which saw Solana’s (SOL) market cap skyrocket over 62%, adding billions to its total worth, the asset has once again recaptured the attention of cryptocurrency investors.

In fact, in the last 30 days, SOL climbed from $9.88 billion on October 2 to over $16.4 billion on November 1, adding over  $6 billion to its value, as per the latest information taken by Finbold from CoinMarketCap at the start of November.

Solana’s market cap increase in October Source: CoinMarketCap
Solana’s market cap increase in October Source: CoinMarketCap

These results have made up 2% of all discussions regarding the top 100 crypto assets of this highly-performing currency.

“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,” according to the information published on crypto analytics platform Santiment in an X post on November 1.

Solana’s market value rise. Source: Santiment
Solana’s market value rise Source: Santiment
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With the rise of the trading volume and market cap, investors are taking note, which can be seen through rising interest levels and optimism.

Can Solana reach $50 price value?

Solana is currently trading at $39.45 at the time of press. The increase of 7.49% in the last 24 hours aims to continue on an already impressive trend of 24.64% in 7 days.

SOL 7-day price chart Source: Finbold
SOL 7-day price chart Source: Finbold

With the indicators that are all looking positive and the $40 price valuation in the books, a new milestone arises, a one of $50 value.

Considering that SOL’s value has almost doubled in the previous month, this new milestone doesn’t seem far-fetched and unobtainable, and we may see this crypto asset reaching it sooner rather than later.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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