In the last 24 hours, the crypto market has witnessed a remarkable 18% increase in the price of Solana, one of the top altcoins. This growth follows an upward trend that, last week, saw an impressive jump of more than 52%. This development puts Solana at the top of its game among blue-chip cryptocurrencies, outperforming its peers in terms of price gains. The turnaround happened in a short period after praise in an interview with Cathie Wood.
What did Cathie Wood say about Solana?
The impetus for this increase came one day after praise from Cathie Wood, CEO of Ark Invest, making positive comments about the efficiency and potential of the Solana network. During a television interview, Wood highlighted Solana’s superior capabilities in terms of speed and cost-benefit. Comparing it favorably to Ethereum, which in turn was already an improvement over Bitcoin in terms of speed and cost.
Wood’s statements resonated strongly in the market, i.e. leading to an increase in interest in Solana. The currency, which had already been performing robustly throughout the year, with an increase of more than 350% in its value, following Wood’s praise, now stands out even more. This growth is particularly notable when compared to the more modest rise of around 6% and 8% for Bitcoin and Ethereum, respectively, during the same period.
Solana rose more than 18% in the last 24 hours after CEO interview
Currently, the value of the SOL token is around US$66, reflecting a significant recovery and price correction following a valuation period that many analysts considered to be undervalued. Solana’s recent price trajectory is a clear indication of the network’s growing potential and its acceptance in the broader cryptocurrency market, especially as the name gains traction with people in the scene.
Furthermore, Solana’s recent rise can be attributed to several factors. In recent times, one can include its advanced technological infrastructure and growing interest from institutional and individual investors. Cathie Wood’s recommendation and praise only amplifies Solana’s visibility and appeal, suggesting a promising future for the cryptocurrency.
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These developments are a testament to the dynamism of the cryptocurrency market. Statements from influential industry leaders can have a significant impact on market trends. With Solana setting new milestones, it positions itself as one of the top cryptocurrencies to watch in the near future.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.