- SOL Shows Growth Despite Correction
- SOL's Potential in Gaming and Mobile Apps
- DApp Activity on Solana Increases
SOL (Solana) price declined by 9% over two days after peaking at $161.80 on September 29, marking its highest level in seven weeks. This correction mirrored the broader altcoin market capitalization (excluding stablecoins).
SOL Shows Growth Despite Correction
Despite the downturn, Solana network usage surged in the past week, prompting traders to question SOL's potential to outperform its competitors. SOL's price has increased by 10.4% over the past 30 days, suggesting positive market sentiment. Moreover, SOL continues to rank as the fourth-largest cryptocurrency by market capitalization and the third in total value locked (TVL), which measures the amount deposited in the network’s smart contracts.
SOL's Potential in Gaming and Mobile Apps
Experts like VanEck believe SOL's price could grow by 120% due to its scalability, crucial for the adoption of stablecoins and remittances. On September 25, VanEck released a report highlighting potential institutional adoption and the extraction of value from Ethereum layer-2 solutions. The announcement of Gameshift on September 24, a gaming development platform utilizing Google Cloud architecture, may also increase demand. Additionally, investors hope for the launch of a new Solana-backed smartphone named Seeker, priced below $499.
DApp Activity on Solana Increases
According to DappRadar data, DApp volumes on Solana increased by 46% over the past 7 days. In comparison, Ethereum DApps gained 12%, while BNB Chain numbers remained flat. Solana saw gains across the board, including a 13% increase in the number of active addresses engaging with smart contracts.
Based on current news flow and network activity, SOL's price appears poised to outperform market expectations and could reach $180 or higher. Increased network activity may eventually translate into higher demand for SOL.
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