Solana experiences a 20% surge as Cathie Wood praises its speed and cost advantages over Ethereum.
Solana has significantly outpaced other major cryptocurrencies, achieving an almost 200% increase in the past month.
Solana's SOL has surged to new yearly highs, rising over 17% following positive remarks from ARK Invest CEO Cathie Wood, who praised the network for its efficiency and cost-effectiveness in a CNBC interview on November 15. Wood highlighted Solana's speed and cost-effectiveness compared to Ethereum, stating that Solana is even faster and more cost-effective than Ether, positioning it as a significant player in the broader blockchain ecosystem.
Wood emphasized the importance of Ethereum and Solana as crucial infrastructure layers, capable of supporting a wider range of real-world applications compared to Bitcoin. Solana's impressive gains over the last month have far outpaced other major cryptocurrencies, registering an increase of over 197%, while Bitcoin and Ethereum saw gains of 32% and 28%, respectively, during the same period. Solana is currently trading at just over $66.
SOL has gained nearly 200% in the last month. Source: TradingView
While discussing the market anticipation for pending spot Bitcoin exchange-traded funds (ETFs), Wood urged investors to focus on the long-term significance of Bitcoin as a revolutionary form of money. She acknowledged the potential for a "sell on the news" event, cautioning that excessive anticipation of ETF approvals could lead to a rapid selloff in the days following the actual event.