SOL Price Surges 20% Following Cathie Wood's Praise
Solana (SOL) has surged nearly 20% in the past 24 hours following praise from the renowned stock market maven Cathie Wood.
SOL Price Surges 20% Following Cathie Wood's Praise. Image: CNBC
Amidst the positive sentiment in the cryptocurrency market, SOL has shown impressive gains after remarks made by the CEO of Ark Invest.
In an interview with CNBC on November 14, Cathie Wood spoke highly of Solana, emphasizing its speed, utility, and cost-effectiveness within its network.
"Solana is performing very well. Compared to Bitcoin, Ethereum's services are faster and cheaper, which is why we chose Ethereum at that time. However, Solana is even faster and more cost-efficient than Ethereum."
"Ether was faster and cheaper than bitcoin," ARK Invest CEO Cathie Wood said, discussing cryptocurrency with @SquawkCNBC. "Solana is even faster and cost-effective than Ether." https://t.co/ELYLeHJfHJ pic.twitter.com/JhBHFPAgee
— CNBC (@CNBC) November 14, 2023
According to the CEO, Ethereum and Solana are crucial pieces for the blockchain ecosystem, describing them as essential infrastructure layers with more practical applications than Bitcoin.
In terms of price, Solana has outperformed other major coins recently, with SOL rising over 53% in the past week, and increasing by 197% and 350% over the month and year, respectively. In contrast, BTC and ETH have adjusted by 32% and 28% this month.
At the time of writing, SOL is trading around $65.98, having gained significant momentum from recent updates at Solana Breakpoint 2023. VanEck previously projected SOL to reach $3,211 by 2030.
1D chart of SOL/USDT pair on Binance at 10:25 AM on November 16, 2023
During the same interview, Cathie Wood also discussed the current market's anticipation of a series of Bitcoin ETF spot products awaiting SEC approval. According to her, the focus should be on Bitcoin's core role as a "monetary revolution," rather than placing heavy emphasis on short-term price fluctuations. Instead of opting for gold or cash, Cathie Wood has publicly stated her long-term bet on Bitcoin on Bloomberg's podcast.
In conclusion, she does not rule out the possibility of a "sell the news" scenario, as the anticipation for spot Bitcoin ETFs far exceeds current demand, potentially triggering a significant market sell-off.
