Solana Is Up 3X from $20 to $60+ in 30 Days

In less than 30 days, Solana has more than tripled with no news, but narrative.

Loopify

Posted on Nov 10, 2023

In the last 30 days, we've seen a rise in Solana tripling it to over $60+ from $20. This rise comes with close to no news like Bitcoin and Ethereum that were driven by ETF filings, and the consistent selling of SOL tokens by FTX bankruptcy estate.

Solana Going Up

Within the X community, the narrative is that Solana is better than Ethereum so retail will flock to that chain.

User Ansem replies to Niccarter on the fees: "no high fees is not good, when they are this prohibitive the network is unusable for everyone except the rich, not reflective of an uncensorable global financial system accessible to anyone" after Nic mentions "induced demand and having high fees is good" in response to fees spiking.

In addition to that, we've seen pumps within the ecosystem, such as $BONK coin which is up 1480%+ on the monthly. The increase in Solana's price has been bolstered by a robust appetite for leveraged long positions in the SOL futures market, where the open interest has climbed high.

And within the last few days, we've also seen more than double the DAU on Solana DeFi as shown in this Dune page: