Solana (SOL) skyrockets as Cathie Wood praises network efficiency


16th November 2023 – (New York) Solana (SOL) has surged to new yearly highs, experiencing a gain of over 17% following positive remarks from ARK Invest CEO Cathie Wood. In a recent CNBC interview, Wood lauded the Solana network for its efficiency and cost-effectiveness, describing it as a major player in the blockchain ecosystem. She highlighted Solana’s superior speed and cost-effectiveness compared to the Ethereum network.

Wood emphasised that Solana’s advancements make it a significant addition to the blockchain landscape, capable of supporting a wide range of real-world applications. While the overall cryptocurrency market has been trending upwards, Solana’s gains have outpaced other major cryptocurrencies, with an impressive 197% surge in the last month. In comparison, Bitcoin has risen 32% and Ether has climbed 28% during the same period.

Solana is currently trading at just over $66, according to TradingView data. The network’s remarkable performance has drawn attention from investors, further fueling its upward trajectory.

Wood also addressed the market’s anticipation of pending spot Bitcoin ETF products, cautioning investors to focus on the long-term significance of Bitcoin as a transformative force in the financial world. While short-term price action and the hype surrounding ETF approvals may lead to a “sell on the news” event, Wood emphasized the importance of staying focused on the broader impact of Bitcoin as a catalyst for the “money revolution.”