Solana SOL/USD is a blockchain network that is seen as a direct competitor to Ethereum due to the fact that it offers quick, secure, scalable decentralized applications (dApps) and a marketplace.
In fact, there are 500 projects currently built on Solana.
Market momentum as a catalyst for growth
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Back on September 21, Solana was interrupted by a network outage which slowed the smart contract platform’s upward momentum at the time.
However, the overall cryptocurrency market has been on the rise lately, and as such, Solana reached its new ATH value point of $219.05.
Additionally, the wider cryptocurrency market has also been rising recently, with Bitcoin getting to a new ATH value on October 20 at $67,276.79 and Ethereum reaching a new ATH value of $4,361.18 on October 20 as well.
That said, Solana’s ecosystem activity has also accelerated over the past few months, and decentralized finance (DeFi) protocols on the platform have grown with $13.62b worth of assets locked in Solana DeFi protocols.
Should you invest in Solana (SOL)?
On October 26, Solana (SOL) had a value of $209.42.
To get a better perspective as to what kind of value point this is for the token, we will compare it to its all-time high value as well as its performance in September of 2021.
Solana reached its all-time high value on October 25, with a value of $219.05. At its peak, the value was just $9.63, or 4.6% higher than it was on October 26.
In terms of the performance in September, on September 9, the token reached its highest point of the month at $212.26.
On September 21, however, the token fell to its lowest point of value at that time at $122.54.
Here, we can see that the value fell by $89.72 throughout the span of the month, which is a decrease of 42%.
However, from September 21 to October 26, the token increased in value by $86.88 or by 71%.
With this in mind, we can expect the SOL token to reach a new ATH value of $230 by the end of November, making it a solid investment. However, if it dips below the $200 mark, it might be worth reconsidering.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use: