The Solana (SOL) ecosystem has long dominated the decentralized finance space. But the network was recently seen taking heat from Justin Sun’s Tron (TRX). Tron released SunPump, a popular meme coin generator.
Throughout the past week, Tron’s volume surged by almost 210% to reach $1.70 billion. But Solana’s DEX volume fell by around 9%. Due to the increase in activity on Tron’s network, Solana has received less attention, which has hurt its pricing and market performance.
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Solana’s Market Performance And Future Predictions
Solana’s Recent Market Performance
The Solana market had a tough month in August, dipping by 20%. However, the altcoin managed to surge over 500% throughout the past year. At press time, SOL was trading at $131.31, with a 24-hour surge of 1%. As a result, SOL could enjoy a rise.
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How High Can SOL Surge?
September is expected to be a good month for Solana. According to Changelly, the altcoin’s first week of the month will be bullish. In particular, SOL will trade around $133.93 on September 5, 2024. This marks a 1.88% rise from the asset’s current price level.
Historical Performance In September
In addition, data from CryptoRank reveals that Solana has enjoyed more bullish Septembers than bearish Septembers. The last three years have been great for the altcoin.
In 2023, SOL surged by over 8% throughout the month. 2021 takes the cake as the asset increased by 29% in September.
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But 2020 was a challenging year for SOL as it dipped by 40%. As a result, the community is placing big bets on the asset for the next couple of weeks.