Solana Reaches New Yearly Highs After ARK Invest CEO Praises Network
Following positive remarks from ARK Invest CEO Cathie Wood, Solana (SOL) has achieved new yearly highs, with an increase of over 17% in the day after her laud of the network for its efficiency and cost-effectiveness.
In an interview with CNBC on Nov. 15, Wood hailed the Solana network as a major player in the broader blockchain ecosystem and commended it for its strong performance in recent market conditions. She specifically highlighted Solana’s speed and cost-effectiveness in comparison to the Ethereum network, stating: “Ether was faster and cheaper than Bitcoin in the day — that’s how we got Ether. Solana is even faster and cost-effective than Ether.”
Wood emphasized the importance of Ethereum and Solana as critical infrastructure layers in the blockchain ecosystem, capable of enabling more real-world applications than Bitcoin.
Solana has significantly outpaced other major cryptocurrencies in the broader crypto market, with gains exceeding 197% in the last month. In comparison, Bitcoin (BTC) and Ether (ETH) have seen increases of 32% and 28% respectively within the same timeframe. Currently, Solana is trading at just over $66.
Wood also addressed the market’s anticipation for a series of pending spot Bitcoin ETF products, urging investors to focus on the underlying significance of Bitcoin as “the money revolution” rather than becoming overly fixated on short-term price action. She acknowledged the possibility of a “sell on the news” scenario, where market demand for an ETF approval fails to match investors’ anticipation, leading to a rapid selloff in the days following the event.
The praise and subsequent price surge for Solana demonstrate the growing interest in alternative blockchain networks and the potential for real-world applications beyond the traditional cryptocurrency sphere.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀