New annual highs were established by Solana (SOL), which increased by more than 17% following CEO of ARK Invest Cathie Wood’s commendation of the network’s effectiveness and affordability. In an interview with CNBC on November 15, Wood praised the Solana network’s performance in the current market conditions and identified it as a significant infrastructure component in the larger blockchain ecosystem. She emphasised that compared to the Ethereum network, Solana is quicker and more effective.
Wood discussed Ethereum and Solana as significant blockchain ecosystem improvements, characterising them as essential infrastructure tiers with greater practical uses than Bitcoin. Even if the entire cryptocurrency market is rising, Solana has risen more than 197% in the last month, much outpacing the gains of other prominent cryptocurrencies. In the same period, Ether (ETH) and Bitcoin (BTC) have increased by 28% and 32%, respectively. As to the TradingView data, Solana is presently trading at slightly over $66.
During the interview, Wood also talked about the market’s current expectation for a number of upcoming spot Bitcoin ETF products. He emphasised that it’s crucial to keep your eyes on Bitcoin’s fundamental significance as “the money revolution” and avoid getting too caught up in the short-term fluctuations in price. She admitted that there may be an occurrence akin to a “sell on the news,” 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.
