The first half of October was relatively quiet for most major altcoins, including Solana (SOL), amid geopolitical tensions in the Middle East. Despite this, Solana's price has maintained stability above $135, with the 200-day Exponential Moving Average indicating a potential upward trend.

Historical Gains of Solana in October

According to Cryptorank, Solana has historically delivered an average of 14% returns in October over the past four years. If this trend continues, renewed price action for SOL could be seen in the latter half of the month. Analysts from Standard Chartered Bank suggest that if Donald Trump wins the U.S. presidential election, Solana could outperform major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Geoffrey Kendrick from Standard Chartered believes a supportive regulatory environment under Trump could benefit cross-border crypto markets, giving Solana an advantage due to its scalability and transaction speed.

Impact of Memecoins on Potential 2024 Rally

October is traditionally a recovery period in the crypto market, and increased interest in memecoins could boost this recovery momentum. On the Solana network, heightened interest in memecoins could drive increased activity, setting the stage for a larger rally in early 2024. Dune Analytics data shows that Pump.fun, one of Solana’s leading meme platforms, has generated $127.8 million in revenue, highlighting the economic potential of memecoins and their impact on Solana's ecosystem.

Rise in Active Addresses and Potential Price Dynamics

According to TheBlock, the number of active addresses on the Solana network has increased by 15%, rising from 3 million to 3.47 million, reflecting the network's growth and rising user preference for Solana. This surge in active addresses points to strong ecosystem health and rising demand for SOL. Solana’s daily price chart displays a bullish pennant formation, which often indicates a strong uptrend followed by a brief consolidation before a larger price movement. If this pattern plays out, the price could rise by 24% to reach $180. However, if the downward trend line remains dominant, the market could continue moving sideways.

Solana has managed to stabilize in October, buoyed by historical performance, ecosystem developments, and growing user interest. External factors such as political developments in the U.S. and regulatory decisions may also shape future price trajectories for SOL. Investors are keeping a close watch on these signals, assessing opportunities for further growth.