Solana (SOL) has reached new yearly highs, gaining greater than 17% the day after ARK Make investments CEO Cathie Wooden lauded the community for its effectivity and cost-effectiveness.
In a Nov. 15 CNBC interview, Wooden described the Solana community as a significant infrastructure participant within the wider blockchain ecosystem and added it had been doing a “actually good job” within the current market circumstances.
Wooden praised the Solana community for being sooner and extra environment friendly than the Ethereum community.
“Ether was sooner and cheaper than Bitcoin within the day — that’s how we received Ether. Solana is even sooner and cost-effective than Ether”
Wooden spoke of Ethereum and Solana as necessary additions to the blockchain ecosystem, describing them as essential infrastructure layers — able to extra real-world purposes than Bitcoin.
Whereas the broader crypto market is on an uptrend, Solana’s positive factors have considerably outpaced these of different main cryptocurrencies, gaining greater than 197% within the final month. In the meantime, Bitcoin (BTC) and Ether (ETH) are respectively up 32% and 28% inside the identical timeframe.
Solana is at present altering arms for simply over $66 per TradingView data.
Wooden additionally addressed the present market anticipation for a slew of pending spot Bitcoin ETF products, saying it is necessary to stay centered on the underlying significance of Bitcoin as “the cash revolution” and never get too caught up on short-term value motion.
She admitted that there could be a “promote on the information” type occasion, the place traders’ anticipation of an approval outpaces the market demand for the precise occasion, main to a quick selloff in the days following.