Solana’s native token SOL has once again demonstrated an exceptional performance, surpassing all other well-known cryptocurrencies in the market.
The Proof-of-Stake blockchain platform experienced a remarkable increase in value of nearly 18% the day after remarks made by Cathie Wood, the CEO of Ark Invest, highlighting the robustness of the Solana network.
Throughout the year, Solana has experienced a significant upward trend, which some experts have interpreted as a price correction following a longer period of undervaluation.
According to Coingecko, there has been a significant increase of over 50% in the past week alone. The token’s value has seen a significant increase of over 340% in the current year.
During her appearance on CNBC’s “Squawk Box” on Tuesday, Wood praised Solana’s impressive performance, reflecting on how Ethereum surpassed Bitcoin in terms of speed and cost efficiency in the past, leading to its significance.
Wood stated in a television interview on Tuesday that Solana is “doing really good work.” She emphasized that when looking at Ethereum, it was faster and cheaper than Bitcoin, leading to its prominence. Solana is even faster and more cost-effective than Ethereum. Wood pointed out that individuals are willing to tolerate certain compromises for reasons of speed and cost, potentially due to smaller transaction sizes or different priorities. From her perspective, every network will find its niche, as different users prioritize different aspects of functionality.
Based on data from Kaiko, there has been a steady increase in activity on Solana throughout the year, with a focus on liquid staking protocols like Jito.
The market capitalization of SOL is currently at 27.6 billion US dollars.
Solana has emerged as the leading altcoin in terms of trading volume on exchanges accessible to users in the United States, surpassing the trading activity of Dogecoin.
The native token of Solana, SOL, has experienced significant growth and garnered substantial interest from investors in recent months. Last week, it surpassed the $60 mark, a valuation last observed in May 2022, sparking more excitement within the community and raising expectations of an upcoming rally.
A cryptocurrency speculator who shares this view is Jacob Canfield, a user on the X platform (formerly Twitter). He believes that SOL will continue its current trend and that with the Ethereum ETF news, some of these ideas may not be implemented, but it is worth it. He also stated that SOL will be “the biggest engine” in the following bull market cycle of cryptocurrencies.
Solana’s value has increased by approximately 550% this year. In comparison, Bitcoin and Ethereum saw gains of about 125% and 70%, respectively.
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Featured image from Peakpx.