Key Factors Fueling Solana’s (SOL) Price Surge Today

Coinspeaker
Key Drivers Behind Solana (SOL) Price Surge Today

As the overall market experiences a recovery and Bitcoin

BTC
$65,923



24h volatility:
1.9%


Market cap:
$1.30 T



Vol. 24h:
$37.26 B

surpassing the $65,000 mark, Solana, an Ethereum Layer-1 rival,

SOL
$157.9



24h volatility:
3.5%


Market cap:
$73.97 B



Vol. 24h:
$4.23 B

is also on the rise, gaining over 4% and trading near the $158 mark.

Alongside the broader market rally contributing to the rise in SOL prices, the surge is significantly influenced by global rate cuts and the influx of liquidity in the market. According to a recent report by VanEck’s MarketVector research firm, SOL is projected to achieve 50% of ETH’s market cap, which suggests that SOL could potentially double its current price, reaching over $320.

VanEck offers some credible explanations for this projection, highlighting Solana’s exceptional transaction speed and processing capabilities, which are likely to be significant catalysts for its optimistic outlook. The Solana blockchain can process thousands of transactions per second (TPS), nearly 3000% more than Ethereum

ETH
$2,664



24h volatility:
1.3%


Market cap:
$320.54 B



Vol. 24h:
$16.50 B

.

Solana’s daily active user count exceeds that of Ethereum by 1,300%, and its transaction fees are dramatically lower—nearly 5 million percent less. As per VanEck, this makes Solana particularly appealing for high-volume transactions, especially in areas like payments and remittances where speed and cost-efficiency are paramount.

Additionally, the rising adoption of Solana within the DeFi sector may also play a vital role in driving the SOL price rally in the near future.

Solana Price Surpasses Key Trendline, Driving Increased Interest

Throughout September, the SOL price has fluctuated within the accumulation zone of $113 to $125, effectively reinforcing these levels as solid support during previous downturns.

The image below illustrates this zone where buyers stepped in to halt any further declines and facilitate Solana’s consolidation. The recent price surge from this accumulation range indicates a resurgence of buying interest, bolstered by strong trading volumes.

Notably, the black downtrend line has acted as resistance since Solana’s peak in March near $205. On September 26, SOL successfully broke above this line and has maintained its breakout momentum.

Another key factor is the reduction of interest rates by the central bank in September, coupled with a pivot towards monetary easing in light of slowing inflation. Such conditions favor risk-ON assets and could pave the way for further growth. Lower interest rates reduce borrowing costs and increase liquidity, prompting investors to seek higher returns in riskier markets, a trend that currently benefits Solana.

Top Drivers Behind Solana (SOL) Price Surge Today