Solana (SOL) Rally: Exploring the Catalyst Behind the Surge
Solana (SOL) has once again emerged as one of the top gainers among major cryptocurrencies, witnessing a remarkable price increase of over 18%.
But what exactly fueled this substantial rally in the altcoin, which boasts a market value of $27 billion?
It appears that the recent surge can be attributed to the commendation of Solana by Ark Invest CEO Cathie Wood.
During a televised interview, Wood expressed her admiration for Solana, stating:
“Solana is doing a really good job. If you look at Ethereum, it was faster and cheaper than Bitcoin back in the day. That’s why we needed ETH. Solana is even faster and more affordable than ETH.”
This positive endorsement seems to have ignited a fresh wave of interest in Solana, countering its previous decline following the FTX collapse. Despite the setback, the coin has maintained a consistent upward trajectory for most of the year, with some analysts attributing this trend to a corrective phase after an extended period of depreciation.
According to CoinGecko data, Solana’s price has surged by over 52% in just the past week. The year-to-date performance of the coin is even more impressive, boasting a staggering increase of over 350%.
As of the latest update, SOL is currently trading at $65.79.