Solana (SOL) has reached new yearly highs, gaining more than 17% the day after ARK Invest CEO Cathie Wood lauded the network for its efficiency and cost-effectiveness.
In a Nov. 15 CNBC interview, Wood described the Solana network as a major infrastructure player in the wider blockchain ecosystem and added it had been doing a “really good job” in the 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 in the day — that’s how we got Ether. Solana is even faster and cost-effective than Ether”
Wood spoke of Ethereum and Solana as important additions to the blockchain ecosystem, describing them as crucial infrastructure layers — capable of more real-world applications than Bitcoin.
While the broader crypto market is on an uptrend, 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 respectively up 32% and 28% within the same timeframe.
Solana is currently changing hands for just over $66 per TradingView data.
Wood also addressed the current market anticipation for a slew of pending spot Bitcoin ETF products, saying it’s important to remain focused on the underlying significance of Bitcoin as “the money revolution” and not get too caught up on short-term price action.
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.