Solana Price Prediction as Google Trends Show Rising Interest – Are Investors Shifting Focus to SOL?
Solana (SOL) bulls are fighting back, with the token holding to the north of the key psychologically important $100 level on Friday, despite choppy and unpredictable trading conditions across the broader crypto market thanks to massive end-of-year option expiries.
Despite having pulled back 16% from Monday multi-year highs in the $125 area, SOL continues to trade higher 75% on the month and 375% since the end of September.
SOL’s stunning rally in the last three months has seen the cryptocurrency jump in the rankings to become the fifth largest by market cap, behind only Bitcoin (BTC), Ether (ETH), USDT (USDT) and BNB (BNB), with a market cap of last around $44.4 billion given its current price at just above $103.
The explosion in the SOL market comes as the network marks itself out as a serious competitor for Ethereum.
As per data presented by DeFi Llama, Decentralized Exchange (DEX) trading volumes on Solana are close to overtaking volumes on Ethereum, at more than $5 billion so far this week versus just over $6 billion on Ethereum.
With Solana-based DEX volumes last at around $26 billion so far for the month, that’s a more than 26x increase versus September’s volumes.
The surge in DEX activity on Solana comes amid rising meme coin speculation on the chain and a surge in trade related to airdrop hunting.
Retail investors are increasingly looking towards Solana as the ecosystem offering the biggest opportunities, thanks in part to its near-instant transactions and low fees.
That much is evident when examining data presented by Google Trends, which indicates that search interest for Solana has vaulted to more than double search interest for Ethereum.
Clearly, investors are shifting their interest to SOL.
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