• Year-to-date, global interest in Solana on Google has increased by more than 350%

  • As the value of Solana (SOL) rises, the cryptocurrency is gaining traction in a number of countries around the world.

    According to data from the Google Trends platform, interest in the keyword ‘Solana’ has increased by 354.54 percent year to date (YTD). The increase in searches has coincided with the price movement of the tokens, which reached an all-time high of $145 on September 3rd.

    Searches in Solana reached a peak popularity score of 100 for the week ending August 29th.

    Malta has sparked the most interest, with a score of 100, followed by Spain, which has a score of 82. Mauritius comes in third place with a score of 62.

    As a result of the recent price movement, SOL now ranks among the top ten cryptocurrencies in terms of market capitalization. The asset has gained at least 70% in the last seven days, and it was trading at $139 at the time of publication.

    Aside from Google Trends interest, our previous report revealed that crowd excitement and volume around the token had reached an all-time high.

    Factors influencing Solana’s popularity

    Solana’s value is being fueled by a number of factors, with the company’s venture into non-fungible tokens (NFTs) emerging as a possible top reason. The asset has sparked interest following the release of the Degenerate Apes NFT collection. The publication drew the attention of asset ecosystem creators and token holders.

    The network’s announcement of the “global Solana hackathon” has also contributed to the increased interest in Solana. The competition, which runs until early October, aims to inspire innovators to create blockchain-based games, art, and collectibles, as well as decentralized lending platforms built on the Solana blockchain.

    Furthermore, the network, which is now competing with the second-ranked cryptocurrency Ethereum, is attracting high-performing projects. In addition to the NFT venture, the ecosystem is assisting the growing decentralized finance sector.

    For example, FTX and Alameda Research have launched Serum, a decentralized cryptocurrency exchange, on the network.

    Despite the fact that Ethereum has established itself as the second-largest cryptocurrency, investors may be looking for alternatives to the network. Notably, Ethereum is in the process of being upgraded, and the network has recently experienced congestion and high fees.

    As a result, investors and developers are looking for alternatives. In addition, Solana’s position has earned the cryptocurrency the moniker “Ethereum killer.” If the network continues to reach new heights, it may one day rank alongside Ethereum.

    Threats to the price growth of Solana

    Aside from the general volatility of the cryptocurrency market, Solana’s current rally faces several threats. For example, if US authorities enact strict regulations governing the DeFi sector, the token’s value may plummet.

    Furthermore, the programmable blockchain space is becoming more competitive as new players emerge to address existing flaws.

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