SOL, Solana’s native token, has once again shown exceptional performance, surpassing all other prominent cryptocurrencies on the market.
The proof-of-stake blockchain platform saw a remarkable increase in value of almost 18% on the day following comments from Ark Invest CEO Cathie Wood, who highlighted the robustness of the Solana network.
Solana has experienced a significant upward trend during the year, which some experts have interpreted as a price correction after a prolonged period of undervaluation.
According to Coingecko, this is a significant problem increase of more than 50% in the past week. The value of the token has increased significantly by over 340% in the past year.
Speaking on Tuesday’s “Squawk Box” with CNBC, Wood praised Solana’s impressive performance. Looking back on the past, she noted that Ether surpassed Bitcoin in speed and cost-effectiveness, which led to its fame.
Solana is performing well, says CEO of ARK Invest
Wood said during a television interview Tuesday that Solana is “doing a very good job.” “If you look at ether, it was faster and cheaper than bitcoin at the time. That’s how we got ether. Solana is even faster and more cost-effective than ether.”
She pointed out that individuals are willing to tolerate certain trade-offs for the sake of speed and cost, perhaps due to smaller transaction sizes or different priorities. In her perspective, each network will find its niche, as different users prioritize different aspects of functionality.
Based on data source Kaiko, there has been a consistent increase in activity on Solana throughout the year, with a notable emphasis on liquid staking protocols such as Jito.
SOL market cap currently at $27.6 billion. Chart: TradingView.com
SOL shines in trading volume
Solana has become the leading altcoin in terms of trading volume on exchanges open to users in the United States, surpassing Dogecoin’s trading activity.
Solana’s native token, SOL, has seen tremendous growth in recent months and attracted a lot of interest from investors. Last week it surpassed $60, a valuation last seen in May 2022, creating more excitement in the community and raising expectations for an impending rally.
I think I think so @Solana will remain one of the biggest drivers during this current bull market cycle and I’m going to outline some ideas for you.
It’s possible that the Ethereum ETF news won’t make some of these ideas a reality, but it’s worth it… pic.twitter.com/oii8vWs0W9
— Jacob Canfield (@JacobCanfield) November 9, 2023
One cryptocurrency speculator who holds 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” in cryptocurrencies’ subsequent bull run cycle.
Solana has seen its value increase by approximately 550% this year. Compared to other cryptocurrencies, bitcoin and ether have posted gains of around 125% and 70% respectively.
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Featured image from Peakpx