SOL, Solana’s native token, has once again demonstrated exceptional performance, outperforming all other major cryptocurrencies in the market.
The proof-of-stake blockchain platform saw a notable increase of nearly 18% in value following comments made by Cathie Wood, CEO of Ark Invest, who highlighted the robustness of the Solana network.
Solana experienced a significant uptrend during the year, which some experts interpreted as a price correction following a prolonged period of undervaluation.
According to Coingecko, there has been a significant increase of more than 50% last week. The token’s value has seen a significant increase of over 340% throughout the current year.
Speaking on Tuesday’s “Squawk Box” with CNBC, Wood praised Solana’s impressive performance. Reflecting on the past, she noted that Ether outperformed Bitcoin in terms of speed and profitability, leading to its prominence.
Solana is doing well, says ARK Invest CEO
Wood said Solana “is doing a really good job,” during a television interview Tuesday. “If you look at ether, it was faster and cheaper than bitcoin at the time. This is how we got the ether. Solana is even faster and more cost-effective than ether.
She noted that individuals are willing to tolerate some trade-offs for the sake of speed and cost, perhaps due to smaller transaction sizes or varying priorities. According to her, each network will find its niche, as different users will prioritize different aspects of functionality.
According to data source Kaiko, there has been a steady increase in activity on Solana throughout the year, with a notable focus on liquid staking protocols such as Jito.
SOL market cap currently at $27.6 billion. Chart: TradingView.com
SOL shines in trading volume
Solana became the top altcoin by trading volume on user-accessible exchanges in the United States, surpassing Dogecoin’s trading activity.
Solana’s native token, SOL, has seen tremendous growth over the past few months and has attracted a lot of interest from investors. It surpassed $60 last week, a valuation last seen in May 2022, sparking more enthusiasm in the community and increasing expectations of an impending rally.
In my opinion I think that @Solana is going to continue to be one of the biggest drivers in this current bull market cycle and I’m going to present some ideas to you.
It’s possible that with the Ethereum ETF news, some of these ideas won’t come to fruition, but it’s worth it… pic.twitter.com/oii8vWs0W9
-Jacob Canfield (@JacobCanfield) November 9, 2023
One cryptocurrency speculator who shares this view is Jacob Canfield, a user of the X platform (formerly Twitter). He believes that if SOL maintains its current trend against Ethereum (ETH), it will be “the biggest driver” of the next cryptocurrency bull cycle.
Solana has seen its value increase by approximately 550% this year. Compared to other cryptocurrencies, bitcoin and ether saw gains of around 125% and 70%, respectively.
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Featured image from Peakpx