Solana’s SOL Token Registers 10% Increase in 24 Hours
Solana’s native token, SOL, experienced a significant price increase, with a 10% rise in 24 hours and a 170% jump monthly. This makes it the rock star of the cryptocurrency market today.
Market Sentiment and Bigger Institutional Interest
The bullish trend in the cryptocurrency sector, including gains in Bitcoin, Ethereum, and others, along with growing institutional interest and Coinbase’s decision to list SOL perpetual futures, might have contributed to SOL’s impressive rally.
Cathie Wood’s Endorsement
Cathie Wood, CEO of ARK Invest, praised Solana for its performance, highlighting its speed and cost-effectiveness compared to Ethereum, further boosting its market perception.
Another Green Day for SOL
Solana’s native token – SOL – is once again the rock star of the cryptocurrency market. It made the headlines today (November 16) by registering a 10% price increase (per CoinGecko’s data) for the past 24 hours and a whopping 170% jump on a monthly basis. The coin’s latest rise could be attributed to the bullish sentiment reigning in the entire sector, with most digital assets, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and many others, being well in the green zone.SOL Price, Source: CoinGeckoThe coin’s latest rise could be attributed to the bullish sentiment reigning in the entire sector, with most digital assets, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and many others, being well in the green zone.
Other reasons leading to Solana’s impressive rally could be the significant interest from institutional investors, the FOMO effect, and Coinbase’s decision to list SOL perpetual futures on its international exchange and Coinbase Advanced.
Cathie Wood’s Interaction
It is worth mentioning that SOL’s latest price surge came shortly after Cathie Woodpraised the token’s recent performance.
“Solana is doing a really good job. Ether was faster and cheaper than Bitcoin back in the day – that’s how we got Ether. Solana is even faster and more cost-effective than Ether,” she argued.
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