El Solana price is approaching its previous all-time high (ATH) price, having surpassed $200 per token.
Meanwhile, the cryptocurrency's market capitalization has already set a new record, reaching a value of $92.700 billion dollars, at the time of writing this article.
The previous record for SOL cryptocurrency, in terms of market capitalization, was seen during the 2021 bull run, when the price of SOL reached $260 per unit. At that time, the market capitalization of the cryptocurrency was set at $78.280 billion.
This value has been surpassed today, despite the fact that the price of SOL is still trading 20% below its previous ATH. This is possible because the circulating supply of SOL has increased significantly since 2021, which has allowed SOL's market capitalization to rise to new highs at the cryptocurrency's current price.
Source: CoinMarketCap
Overall, while the cryptocurrency market has seen a slight pullback, with Bitcoin trading near $68.000, the price of SOL has been strongly boosted by the memecoin boom.
Much like Avalanche, the Solana network has become a playground for blockchain developers, creating new tokens that are moving several million dollars in trading volume per day.
Solana becomes the 4th largest cryptocurrency on the market
The price surge and its new all-time high, in terms of capitalization, has led Solana to become the fourth most important cryptocurrency on the market, displacing BNB.
According to CoinMarketCap data, SOL ranks just behind USDT as the 4th largest cryptocurrency in the crypto world. At the time of writing, Solana is trading at $207,72.
Source: CoinMarketCap
Solana search interest soars on Google
As Solana’s price rises above $207, so does search interest related to the cryptocurrency.
According to data from Google Trends, The search term “Solana” has reached 100 points recently, which shows the interest of investors in this cryptocurrency. This represents an increase of 28% compared to the 78 points that Solana reached in December of last year.
In terms of geographic location, Spain leads Solana searches, as the second country with the highest interest in the cryptocurrency, according to Google Trends.
Source: Google Trends
Solana is one of the cryptocurrency projects that stands out the most due to its scalability and low cost, which has allowed it to attract a significant user base and a committed community of developers. Although the network has experienced certain failures, it continues to gain prominence in the crypto world.
In relation to the DeFi ecosystem, the network is also positioned as the fourth most important chain in terms of TVL (Total Locked Value), maintaining a total value of $4.215 billion in its smart contracts, according to data from DeFi Llama.
Continue reading: Solana sees impressive increase in new on-chain addresses
