Can Solana replicate September’s rally in October after latest upgrade?

September may have been the turning point for Solana’s Q4 rally.

Historically, a strong fundamental performance has not always translated into a robust technical performance for SOL. However, September was nothing short of remarkable, with the altcoin recording more than 14% in price gains. It almost doubled Ethereum’s returns, while also crossing the psychological $120-barrier on its way for the first time since early Q1.

The key takeaway? This gain did not come out of nowhere. As shown in the graph below, SOL’s monthly transaction count climbed to a whopping 10.7 billion in September, the highest since May 2025.

To put this in perspective, SOL’s price performance finally caught up with the network’s adoption growth.

However, the momentum does not stop there.

Based on Solana Hub’s X post, September marked another milestone for tokenized stocks on the network. The supply of tokenized equity reportedly crossed $780.5 million as spot trading volume reached $4.25 billion, with the number of holders surpassing 1 million. This is yet another positive development for SOL, as the network’s activity is gaining traction and its tokenized equity market is growing exponentially. This bodes well for the fundamentals heading deeper into October.