Solana (SOL) has hit new yearly highs, gaining more than 17% the day after ARK Invest CEO Cathie Wood praised the network for its efficiency and cost-effectiveness.
In a CNBC interview on November 15, Wood described the Solana network as a key infrastructure player in the broader blockchain ecosystem, adding that it had done a “really good job” in recent market conditions.
Wood praised the Solana network for being faster and more efficient than the Ethereum network.
“Ether was faster and cheaper than Bitcoin back then – that’s how we got Ether. Solana is even faster and cheaper than Ether.”
Wood spoke of Ethereum and Solana as important additions to the blockchain ecosystem, describing them as crucial infrastructure layers that enable more real-world applications than Bitcoin.
While the broader crypto market is on an upward trend, Solana’s gains have significantly outpaced those of other major cryptocurrencies, gaining more than 197% in the last month. Meanwhile, Bitcoin (BTC) and Ether (ETH) are up 32% and 28%, respectively, over the same period.
According to TradingView data, Solana is currently changing hands for just over $66.
Solana (SOL) has gained almost 200% in the last month. Source: TradingView
Wood also addressed current market expectations for a number of upcoming spot Bitcoin ETF products, saying it is important to remain focused on the underlying meaning of Bitcoin as a “money revolution” and not get too caught up in short-term price movements .
She acknowledged that a “sell-on-the-news” event could occur, where investor anticipation of approval exceeds market demand for the actual event, leading to a rapid sell-off in the following days.
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