Solana (SOL) has been making waves in the crypto sphere and is experiencing a meteoric rise in popularity. Recent data tracked by The Block reveals that Google searches for “solana” have skyrocketed by an impressive 250% from early October to early December.
On a scale of 0 to 100, where 100 represents the peak seen back in 2020, the search volume for “solana” surged to 49 in early December from a modest 14 just two months earlier. Rebecca Stevens, a research analyst at The Block, attributes this surge to Solana’s remarkable price performance, outshining other assets and consequently attracting increased interest.
Stevens notes:
Its price performance has been a lot stronger than other assets, which has likely been pulling in more interest, and more recently, meme coins on the network have also been taking off.
The price of SOL has seen a parabolic surge since October, experiencing a staggering 224% rally between October 11 and December 18, according to The Block’s data. Despite this remarkable ascent, some signs of weakness have emerged in lower time frames.
Analysts are now closely watching to see if Solana will establish a local top or continue its climb to new highs. The SOL price has been navigating within an ascending parallel channel since the beginning of the year, with both the channel’s resistance and support trend lines validated multiple times.
Solana’s Breakout and Yearly High
SOL broke out from the channel’s resistance trendline in November, accelerating its rate of increase. It propelled the cryptocurrency to a new yearly high of $79.50 on December 16, marking an astounding 865% increase since the start of the year. Notably, the surge since November has been parabolic, defying any easily discernible pattern.
Amidst the speculation about Solana’s future trajectory, analysts like CryptoBusy are closely monitoring key price levels. In a tweet, CryptoBusy noted that Solana (SOL) might need one final push to breach the $78 mark. If successful, a move toward $90 and even $107 could be imminent. However, the market remains in a state of anticipation, and patience is advised.
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