October, traditionally a bullish month for Bitcoin and altcoins, began with a market decline. This drop was influenced by external factors, such as geopolitical tensions between Iran and Israel. Despite this, investors remain hopeful for an October rally.
Analysts are particularly optimistic about Solana’s performance this month, citing increased network activity, strong partnerships, and positive market sentiment as key factors.
Bitget Research Principal Analyst Ryan Lee, in an interview with The Block, emphasized that heightened activity on the Solana network, combined with major partnerships, sets the stage for a potential price surge. He stated, “Given the current market sentiment, increased activity, and ongoing developments within the Solana ecosystem, we expect Solana to be more bullish than bearish in October, with a potential price target between $160 and $180.”
Lee also noted that $110 serves as a crucial support level for Solana, which held strong even during the significant market crash in early August.
Additionally, the analyst pointed out that on-chain data revealed a substantial rise in daily active addresses on the Solana network in September, alongside a total locked value reaching $5.5 billion—the highest level in recent months.