Solana Jumps 20% After Praise from Cathie Woods
16 Nov, 2023 ● Coin news
New annual highs have been reached by Solana's SOL, which increased by more than 17% the day after ARK Invest CEO Cathie Wood praised the network for being functional and economical.
In an interview with CNBC on November 15, Wood said that the Solana network has been doing a "really good job" in the current market conditions and that it is a significant infrastructure player in the larger blockchain ecosystem.
Wood lauded the Solana network for outperforming the Ethereum network in terms of speed and efficiency.
“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.”
Ethereum and Solana, according to Wood, are significant additions to the blockchain ecosystem and vital infrastructure layers with more practical uses than Bitcoin.
Solana has gained more than 197% in the last month, far exceeding the gains of other prominent cryptocurrencies.
Currently, Solana is trading for slightly more than $66, according to TradingView data.
Wood also talked about how the market is currently anticipating a number of spot Bitcoin exchange-traded fund products.
She stressed the need to stay focused on the fundamental significance of Bitcoin as "the money revolution" and avoid getting too caught up in the short-term fluctuations in price.
She also acknowledged the possibility of a "sell on the news" scenario, in which the market's demand for the event is outpaced by investors' expectations of an approval, resulting in a sharp selloff in the days that follow.
Sources:
https://cointelegraph.com/news/solana-price-jumps-cathie-wood-ark-invest-ethereum-comparison
