Solana jumps 20% as Kathy Wood praises speed and value on Ethereum
Solana ( SOL ) hit a new annual high, gaining more than 17% the day after ARK Invest CEO Cathy Wood praised it for its network efficiency and cost effectiveness.
In an interview with CNBC on November 15, Wood described Solana Networks as a major infrastructure player in the broader blockchain ecosystem and was doing a “very good job” in recent market conditions.
Wood credits the Solana network for being faster and more efficient than the Ethereum network.
“Ether was faster and cheaper than Bitcoin back in the day – that's how we got Ether. Solana is faster and more cost-effective than Ether.
Wood spoke of Ethereum and Solana as important additions to the blockchain ecosystem, as critical infrastructure layers — potentially with more real-world applications than Bitcoin.
Solana's gains have outpaced other major cryptocurrencies, gaining more than 197% in the past month while the broader crypto market is on a roll. Meanwhile, Bitcoin (BTC) and Ether (ETH) are up 32% and 28% respectively over the same period.
Solana is currently changing hands at over $66 per TradingView data.
Wood described the current market demand for a pending Bitcoin ETF offering, saying it's important to focus on Bitcoin's fundamental value as a “currency revolution” and not get caught up in short-term price action.
She acknowledged that there could be a “selling on the news” type of event where investors wait for approval to increase market demand for the actual event.
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