Solana ($SOL) Has Been on an Uptrend in the Last 30 Days Amid Significant Activity Among Users and Positive Outlooks From Analysts. Will the Cryptocurrency Continue Its Positive Streak?

Data from CoinGecko late Sunday night showed that SOL has been up by over 6% in the last 24 hours and has been rallying by 13.5% in the past week.

Solana (CRYPTO: SOL) prices continued an uptrend on Sunday amid a surge in trading volumes on the Solana network that surpassed even the combined volumes of the Ethereum (CRYPTO: ETH) and Layer 2 (L2) ecosystem.

Solana Prices Surged: Compared to other top cryptocurrencies, SOL prices fared better in the past week.

The digital coin saw a 13.5% increase in the past week, outperforming BTC, which saw a 9.6% increase in the last week.

Solana prices also saw a 12.7% increase in the past two weeks and was up by nearly 16% throughout the past month.

Solana trading volumes hit $1.669 billion in the last 24 hours, according to data posted by pseudonymous crypto user 0XGumshoe.

"Solana is doing more volume than the entire Ethereum + L2 ecosystem in the last 24 hours,” Gumshoe wrote.

"This one is of the books,” another Solana network user said, referring to the bullish volume activity on the Solana chain compared to Ethereum and other L2 solutions.

Solana Surges Past Ethereum: Solana maximalist Mobby Deep said he isn't surprised about Solana racing past the Vitalik Buterin-founded network.

He acknowledged that while Ethereum "has done a lot for the crypto industry,” the blockchain is no longer as reliable as Solana.

“Solana is now doing more daily volume than the entire Ethereum L1 + L2 ecosystem combined. I'm not surprised at all. Everyone knows that Ethereum is no longer a reliable chain for traders.”

Solana prices also saw a surge amid attention on several Solana-based crypto tokens in recent weeks.

On-chain data analysis firm Lookonchain uncovered the activity of a trader who spent $3,000 on the Numogram (GNON) token that was launched just last week on the Solana chain.

“This guy turned $3K into $9M in just 3 days, a 3000x return! He spent only $3K to buy 56M $GNON via 3 wallets and sold a small part,” the firm noted.

“He currently holds 55.18M $GNON across 4 wallets, which is worth more than $9M.”

There was also activity around a 22-day-old Solana-based token, Cutoshi (CUTO), that several crypto influencers put on their radar, including Altcoin Alchemist.

Standard Chartered Anticipated a Surge in SOL Prices: The ongoing surge of activity also comes after analysts at multinational bank Standard Chartered said they are expecting SOL prices to jump by up to five times if Republican presidential candidate Donald Trump wins in next month's elections.

Their projection may be coinciding with current data on decentralized market prediction platform Polymarket, where Trump leads Vice President Kamala Harris by around 20 percentage points.

Some Crypto Users Expressed Doubts: While many crypto users celebrated the Solana blockchain's recent rally, some doubted whether traffic on the network was actually due to human trading and engagement.

“LOL half of SOL traffic is volume bots. Everyone knows this,” one user said.

Another user questioned why Solana users were so “confident” when the SOL chart showed the digital token“struggling to break out with lower highs each time it tests breakout zones.”

Solana prices reacted to the Standard Chartered projection and the crypto market navigated politics and economy.