Cathie Wood, founder of ARK Invest, praised the efficiency and cost-effectiveness of Solana during an interview with CNBC on Wednesday. She described the Layer 1 blockchain as a key infrastructure participant in the broader blockchain ecosystem and noted Solana’s strong performance in recent market conditions.
Wood compared Solana to Ethereum, stating that both are important additions to the blockchain ecosystem and are crucial infrastructure layers that can enable more real-world applications than Bitcoin.
The overall cryptocurrency market is on the rise, with Solana’s native token SOL seeing a significant increase compared to other major cryptocurrencies. SOL has surged over 197% in the past month, while Bitcoin (BTC) and Ethereum (ETH) have risen by 32% and 28% respectively during the same period. According to TradingView data, SOL’s current trading price is around $66.
Wood also discussed the market’s expectations for a series of pending Bitcoin spot ETF products, emphasizing the importance of focusing on Bitcoin as a fundamental revolution in currency rather than short-term price trends. She acknowledged the possibility of a “Sell on the news” event, where investors’ expectations for approval exceed the market’s actual demand, leading to rapid selling in the following days.