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According to The Block and reported by COINOTAG, on October 2, Bitget Research’s Chief Analyst, Ryan Lee, expressed optimism about Solana’s market performance. Lee attributed this positive outlook to the Solana ecosystem‘s increased activity and ongoing developments, including significant partnerships. He noted that Solana’s price might reach the range of $160 to $180, fueled by these factors.
Lee highlighted the resilience of Solana’s $110 support level during market downturns, even amidst the early August liquidation events. This stability has placed Solana prominently in the recovery phase among high-market-cap tokens. Furthermore, meme coins within the Solana network have experienced substantial growth, becoming a leading sector during the recent market rebound.
Examining on-chain data reveals a notable surge in Solana’s daily active addresses, showing a significant rise in September. Tristan Frizza, founder of Zeta Markets, noted that Solana now averages over 3 million daily users, a stark increase from previous months where numbers were below 1 million. The boost in user activities is likely due to growing interest in Solana, trends like meme coins, and the involvement of celebrities and creators, such as Iggy Azalea, capturing retail interest in the ecosystem.
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