Solana (SOL) has seen a significant increase in its price, reaching $200 for the first time since December 2021. In the past 24 hours, the altcoin has gained 12%, and over the week it has risen by 39% and 85% over the past month. This surge in price has also led to SOL overtaking Binance Coin (BNB) as the fourth-largest cryptocurrency by market cap.
One possible factor for this surge is the increasing interest in Solana, as shown by Google Trends data. Searches for the term “Solana” have reached an all-time high of 100, surpassing the previous peak of 84 in September 2021. This increased interest in the cryptocurrency may have contributed to its recent price increase.
Solana’s explosive meme coin ecosystem and its popularity in the DeFi space are also factors driving its growth. With a market cap of over $89 billion, it is no surprise that SOL is gaining traction in the cryptocurrency market.
Meanwhile, Bitcoin (BTC) and Ethereum (ETH) are also seeking upside momentum after experiencing a slight decrease last week. BTC is back above $68k, and ETH is expected to reach a new all-time high above $4,800 in the coming months. With SOL’s current trend, it may also hit a new ATH soon.
As investors keep an eye on upcoming events, such as the Bitcoin halving, the cryptocurrency market continues to see significant movements. The rise in SOL’s price and its increasing popularity demonstrate the potential for growth in the cryptocurrency market.
