Solana Gains Over 17% After ARK Invest CEO Praises Network's Efficiency

According to Cointelegraph, Solana (SOL) reached new yearly highs, gaining more than 17% after ARK Invest CEO Cathie Wood praised the network for its efficiency and cost-effectiveness. In a November 15 CNBC interview, Wood described the Solana network as a major infrastructure player in the wider blockchain ecosystem and commended its performance in recent market conditions. She highlighted that Solana is faster and more efficient than the Ethereum network. Wood spoke of Ethereum and Solana as important additions to the blockchain ecosystem, describing them as crucial infrastructure layers capable of more real-world applications than Bitcoin. 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 (BTC) and Ether (ETH) are respectively up 32% and 28% within the same timeframe. Solana is currently trading at just over $66 per TradingView data. In the interview, Wood also addressed the current market anticipation for a slew of pending spot Bitcoin ETF products, emphasizing the importance of focusing on the underlying significance of Bitcoin as 'the money revolution' and not getting too caught up in short-term price action. She acknowledged 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.