An uptick in Solana’s network activity and upcoming project launches could send SOL price higher.
Solana's native token, SOL (SOL), experienced a 9% decline over two days after peaking at $161.80 on Sept. 29, marking its highest level in seven weeks. This correction mirrored the broader altcoin market capitalization (excluding stablecoins), which reached approximately $800 billion in late September before dropping to $739 billion on Oct. 1.
Despite this downturn, Solana network usage surged in the past week, prompting traders to question whether SOL has the potential to outperform its competitors.
Solana/USD (blue, left) vs. altcoin market cap (green). Source: TradingView
