Solana jumps 20% as Cathie Wood lauds its speed and cost over Ethereum ( $2,262.08 )

Solana (SOL) has reached new yearly highs, gaining more than 17% the day after ARK Invest CEO Cathie Wood lauded the network for its efficiency and cost-effectiveness.

In a Nov. 15 CNBC interview, Wood described the Solana network as a major infrastructure player in the wider blockchain ecosystem and added it had been doing a “really good job” in the recent market conditions.

Wood praised the Solana network for being faster and more efficient than the Ethereum ( $2,262.08 ) network.

“Ether was faster and cheaper than Bitcoin ( $0.00 ) in the day — that’s how we got Ether. Solana is even faster and cost-effective than Ether”

Wood spoke of Ethereum ( $2,262.08 ) and Solana as important additions to the blockchain ecosystem, describing them as crucial infrastructure layers — capable of more real-world applications than Bitcoin ( $0.00 ) .

While the broader crypto market is on an uptrend, Solana’s gains have significantly outpaced those of other major cryptocurrencies, gaining more than 197% in the last month. Meanwhile, Bitcoin ( $0.00 ) (BTC) and Ether (ETH) are respectively up 32% and 28% within the same timeframe.

Solana is currently changing hands for just over $66 per TradingView data.

Wood also addressed the current market anticipation for a slew of pending spot Bitcoin ( $0.00 ) ETF products, saying it’s important to remain focused on the underlying significance of Bitcoin ( $0.00 ) as “the money revolution” and not get too caught up on short-term price action.

She admitted that there might be a “sell on the news” style event, where investors’ anticipation of an approval outpaces the market demand for the actual event, leading to a quick selloff in the days following.

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