Solana Increases By More Than 17% Following the ARK Invest CEO's Commendation of the Network's Efficacy

Cointelegraph reports that Solana (SOL) surged to all-time highs, increasing by over 17%, subsequent to ARK Invest CEO Cathie Wood commending the network's cost-effectiveness and efficacy. Wood, in an interview with CNBC on November 15, characterised the Solana network as a significant infrastructure participant within the broader blockchain ecosystem and praised its performance in the context of recent market circumstances. She emphasised that Solana outperforms the Ethereum network in terms of speed and efficiency.

Wood lauded Ethereum and Solana as significant contributors to the blockchain ecosystem, characterising them as indispensable infrastructure tiers that possess a greater capacity for practical implementations than Bitcoin. Although the cryptocurrency market as a whole is experiencing an upward trend, Solana's gains over the past month have been considerably greater than those of other prominent cryptocurrencies, surpassing 197%. In contrast, during the same period, Bitcoin (BTC) and Ether (ETH) have gained 32% and 28%, respectively. As of now, Solana is trading for slightly more than $66 per TradingView data.

During the interview, Wood also commented on the prevailing market expectations regarding a multitude of forthcoming spot Bitcoin ETF products. He emphasised the need to remain steadfast in our attention on the fundamental importance of Bitcoin as "the money revolution" rather than becoming overly preoccupied with short-term price fluctuations. She recognised the potential occurrence of a "sell on the news" scenario, in which the market's demand for an approval surpasses investors' anticipation of the event itself, resulting in a precipitous decline in value in the days that follow.