Solana’s SOL token has surged to new yearly highs, registering a remarkable 17% gain just a day after Cathie Wood, CEO of ARK Invest, praised the network’s efficiency and cost-effectiveness during a CNBC interview on November 15th.
Wood hailed Solana as a major player in the broader blockchain ecosystem, commending its performance in recent market conditions.
Comparing Solana to Ethereum, Wood emphasized the former’s superior speed and cost-effectiveness, stating, “Ether was faster and cheaper than Bitcoin in the day – that’s how we got Ether.
Solana is even faster and more cost-effective than Ether.” She underscored the significance of Ethereum and Solana as essential infrastructure layers within the blockchain ecosystem, capable of supporting a wider range of real-world applications compared to Bitcoin.
While the overall cryptocurrency market is experiencing an uptrend, Solana’s recent gains have outstripped those of other major cryptocurrencies, surging by an impressive 197% over the last month.
In contrast, Bitcoin and Ether have seen more modest gains of 32% and 28%, respectively, during the same period.
As of now, Solana is trading at just over $66, according to TradingView data.
Wood also addressed the current market anticipation surrounding pending spot Bitcoin exchange-traded fund (ETF) products.
She urged investors to stay focused on the fundamental importance of Bitcoin as a catalyst for “the money revolution” and cautioned against becoming too fixated on short-term price fluctuations.
Acknowledging the possibility of a “sell on the news” scenario, where investors’ anticipation of ETF approval exceeds the market’s demand for the actual event, Wood warned of a potential rapid selloff in the days following such an approval.
In essence, Wood emphasized the importance of maintaining a long-term perspective on the transformative potential of cryptocurrencies and blockchain technology, regardless of short-term market dynamics.