Is it too late to buy Solana (SOL) on October 22?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Oct 22, 2021
  • In the last 24 hours, the SOL token increased its value by 7% and its trading volume by 15%.
  • There is heightened interest in the Solana blockchain due to the recent hackathon.
  • All of this has contributed to the value of the SOL token, and it can climb even higher.

Solana SOL/USD has slowly become one of the most popular public blockchain platforms out there. 

It is an open-source and decentralized project with consensus achieved through Proof-of-Stake (PoS).

The heightened interest in the Solana blockchain as a catalyst for growth

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On October 21, the Solana-based game MonkeyBall raised $3 million in the largest funding round.

From the span of October 18 to October 22, Solana held the Solana Hackathon known as IGNITION

This hackathon had more than $5,120,000 in prizes and over 5,875 participants.

The interesting part about it is that there are over 500 projects on it, making it one of the largest they have ever held.

In any case, this has sky-rocketed the interest within the Solana blockchain.

Additionally, on October 20, Solana announced that UST is coming to Solana DeFi through Wormhole, the cross-chain interoperability protocol that connects high-value blockchain networks.

On the same day, OKEx announced the deposit and withdrawal service for USDT and USDC through the Solana network.

This is yet another indication of the growth of the Solana network and the potential for growth the SOL token has.

Should you buy Solana (SOL)?

On October 22, Solana (SOL) had a value of $202.12.

To get a better perspective as to what kind of value point this is for the token, we will be comparing it to it’s all-time high value as well as its performance in September.

The all-time high value of Solana was on September 9, when the token reached a value of $213.47.

This gives us an indication that the SOL token is actually really close to its all-time high value, or in other words, there is only a difference of $11.35 or by 5% in value.

On September 22, the token fell in value to $122.54, making it its lowest value point of the month.

From September 9 to September 22, the SOL token fell in value by $90 or by 42%.

However, from September 22 to October 22, the token raised its value by $79.58 or by 64%.

With this in mind, the SOL token has the potential to reach $210 by the end of October, and it is not too late to buy it.

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