On December 26, 2023, Altcoin Sherpa, a cryptocurrency analyst, increased his holdings for Solana (CRYPTO: SOL) despite predicting it might not be the optimal time for such an investment. Altcoin Sherpa foresees the cryptocurrency, often viewed as a competitor to Ethereum (CRYPTO: ETH), will continue its uptrend throughout 2024.
In a tweet, the analyst highlighted the Solana chain’s accessibility and affordability for new users, especially those transacting with smaller amounts, “What furthered my thesis even more on SOL was watching retail people who were getting into crypto for the first time interact on-chain. ETH was impossible, even other stuff was pretty expensive at times. If you’re working with $100, you can do A LOT more on cheaper chains.”
Furthermore, Google’s search volume for the term “Solana” has seen a notable surge, escalating by 250% over the past two months. Data from The Block indicates the search volume for “Solana” has gone from 14 in early October to 49 in early December, on a scale ranging from 0 to 100.
At the time of writing, Solana has been trading at $122.64, rising 7.73% in the last 24 hours and escalating over 1,000% since the start of the year.
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