Solana's SOL Soars: October Sees 50% Surge in Value

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Solana's SOL token emerged as the star performer in October, showcasing an impressive gain of 50%. This surge adds to SOL's remarkable year-to-date performance, with an increase of over 250%. This surge is particularly noteworthy given the uncertainties that surrounded Solana after the collapse of its major backer, FTX, last year.

Currently, the Solana community is gathering for its annual conference, Breakpoint, in Amsterdam. A growth report on Solana by Messari highlights the need for a continuous influx of new experiments to maintain Solana's growth story, with a few standout projects achieving product-market fit.

In comparison, Bitcoin experienced a substantial 23% gain in October, reaching a 16-month high of $35,000 on October 23rd. On the other hand, Ether had a more modest month, with a gain of just 3%. Chainlink's LINK token followed Solana closely, with a 42% increase over the same period.

Sam Bankman-Fried, founder of FTX, is making efforts to introduce the consideration of English law in the jury deliberations of his trial. This move is aimed at potentially securing a "not guilty" verdict on some of the fraud charges he faces. The argument revolves around the assertion that for misappropriation to occur, a trust, fiduciary relationship, or a similar connection must have existed between FTX and its customers, which is governed by the Terms of Service under English law.

In the realm of Bitcoin mining, the landscape is evolving into large-scale operations, with North America gaining ground over China. Bernstein, in a recent research report, expressed a preference for Riot Platforms (RIOT), assigning it an outperform rating and a $15.60 price target. CleanSpark (CLSK) also received an outperform rating with a $5.30 price target. These mining entities are seen as market share consolidators with a robust operational model, low production costs, high liquidity, and solid, debt-free financial standing.

Source: L2Beat

• Layer 2 scaling solutions have achieved a milestone, with a total value locked (TVL) of nearly $12 billion, surpassing the previous peak of $11.8 billion.
• These Layer 2 networks accounted for two-thirds of transactions on the Ethereum network in the third quarter.

Read more: Cryptocurrency Deposits: Understanding the Recent Shift in FDIC Coverage