Solana has reached new yearly highs, gaining more than 17% the day after ARK Invest CEO, Cathie Wood, praised the network for its performance and cost efficiency.
In an interview on CNBC on November 15, Wood described Solana as a key infrastructure provider in the blockchain ecosystem and emphasized that it has “really good job” in recent market conditions. Wood commended Solana for its speed and cost efficiency compared to the Ethereum network: “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”
Wood compared Ethereum and Solana as crucial additions to the blockchain ecosystem, calling them more important infrastructure layers with higher real-world application potential than Bitcoin. In the context of the cryptocurrency market surging, Solana has outperformed other major coins, rising more than 197% in the past month, while Bitcoin (BTC) and Ethereum (ETH) increased by 32% and 28%, respectively, in the same period.
Currently, Solana is trading at over $65 according to TradingView data. Wood also mentioned the market’s expectations for a series of Bitcoin ETF Spot products, emphasizing a focus on the fundamental significance of Bitcoin as a “monetary revolution” and not being overly concerned with short-term price fluctuations.
She admitted that there might be a “sell on the news” style event, where investors’ anticipation of an approval outpaces the market demand for the actual event, leading to a quick selloff in the days following.