The Solana price has been on a tear this week, driven by a combination of bullish catalysts and favorable technical data. As the cryptocurrency market continues to evolve, Solana’s strong fundamentals and growing adoption suggest further gains in the coming weeks.
Key Drivers of Solana’s Price Growth
Solana’s price surge can be attributed to several factors, including the upcoming deadline for several Spot Solana ETF registrations. The final deadline for the Solana Trust gray level is October 10th, while other funds have deadlines on October 16. According to Polymarket data, the chances of the agency approving these ETFs have increased in recent months, which could lead to a significant influx of investment into the cryptocurrency.
Alpine Glow Upgrade and Its Impact on SOL Price
Solana is also working on the Alpine Glow upgrade, which is expected to bring new features and accelerate growth. One of the most notable features is the transition from the current proof-of-auto-authority model to the proof-of-stake model. The new Solana will also have a much higher throughput, with the final validity of 12 seconds to 100 and 150 milliseconds. Transactions per second will increase to around 107,000, making it an attractive option for investors and users alike.
The Alpine Glow upgrade is expected to have a significant impact on the SOL price, as it will increase the network’s scalability and usability. According to Nansen data, Solana has already completed over 1.9 billion transactions in the last 30 days, making it one of the most active players in the blockchain industry. The upgrade will further solidify Solana’s position in the market and drive up demand for the cryptocurrency.
Technical Analysis and Price Projections
The daily time frame shows that the SOL price has high bullish technical data. It remains above all moving average values, while the average actual area has increased, indicating that SOL price gains are gaining momentum. Top oscillators such as the relative strength index and the MACD have also increased, suggesting that the dynamic will continue until the SOL price increases to the all-time high of almost $300.
SOL-Price diagram | Source: crypto.news
Conclusion and Future Outlook
In conclusion, the Solana price is poised for further growth, driven by a combination of bullish catalysts and favorable technical data. The upcoming Alpine Glow upgrade and the potential approval of several Spot Solana ETFs are expected to drive up demand for the cryptocurrency. As the cryptocurrency market continues to evolve, Solana’s strong fundamentals and growing adoption suggest that it will remain a major player in the industry. For more information and updates on the Solana price, visit https://crypto.news/solana-price-aims-for-ath-as-fundamentals-and-technicals-align/
