Data indicates that interest in Solana (SOL) has reached an all-time high. ~ Cryptops

Data indicates that interest in Solana (SOL) has reached an all-time high.

Due to increased investor interest in the Ethereum (ETH) competitor's platform, which also supports smart contracts essential for decentralized financial systems and non-fungible tokens, Solana (SOL) achieved a fresh high of $124 on Tuesday (NFTs).

According to CoinMarketcap.com, the token is the world's eighth-largest cryptocurrency, with a market value of just over $35 billion.

According to data released by Santiment, a crypto on-chain social and fundamental insights website, crowd excitement and volume have reached new highs, with weighted sentiment exceeding four deviations over its mean.

On the SOL network, NFTs have been launched.

The emergence of NFTs, the blockchain-based digital art artifacts that are gaining popular among celebrities, fueled Solana's rise. The release of the Degenerate Apes NFT collection, which drew the attention of producers and token holders in the Solana ecosystem, resulted in an increase in transaction volume.

Furthermore, the “wormhole project,” which, according to an official release, aims to connect Solana with other prominent decentralized financial networks such as Ethereum, Terra Money, and Binance Smart Chain, is gaining traction in the cryptocurrency ecosystem as traders and experts anticipate the introduction of a three-way cross, is gaining traction.

Whatsmore, Tokenized assets can be transported from one blockchain to another via a bidirectional bridge as part of the "wormhole" protocol, allowing additional decentralized programs to take use of Solana's high speeds and low prices.

The wormhole is presently operational and allows for the exchange of Ethereum blockchain assets, but the Solana team intends to expand the bridge and make it a three-way cross.

Institutional considerations

Furthermore, institutional demand has increased in the last two weeks, with Osprey Funds registering for a Solana trust ahead of competitor Grayscale, showing a surge in institutional interest in the product.

Institutional investors have taken notice of Solana's growing attractiveness as a faster and cheaper "Ethereum alternative."

Alternative blockchains to Solana's are competing for investor attention in the non-fungible token and decentralized financial ecosystem. Charles Hoskinson, the founder of Cardano (ADA), recently commented on SOL's progress and advancement.