🚀 Solana (SOL) price soared 20% between Sept. 28 and Oct. 6, but is it riding Bitcoin's coattails or fueled by other factors? Let's investigate:

- SOL's rally followed a turbulent period after a U.S. court approved the sale of $1.3 billion in SOL from bankrupt exchange FTX

- Solana's price dipped to a 2-month low of $17.34 on Sept. 11, but bulls regained confidence as it re-established the $20 support on Sept. 29

- The rally coincided with a successful upgrade to version 1.16, boosting SOL token by 16% over the next 7 days

- Solana's growth was supported by increased decentralized applications (Dapps) usage and nonfungible token (NFT) volumes

- Solana's active addresses engaging with Dapps exceeded Ethereum's in the same period, and its NFT sales surpassed Polygon (MATIC)

However, stiff competition from Ethereum layer-2 solutions like Arbitrum and Optimism may make the $23 resistance harder to breach. Stay tuned!