Solana's price spikes 18% day after Cathie Wood sings network's praises

Markets • November 15, 2023, 3:46PM EST

Published 1 minute earlier on

The Block Illustration by Iris Cho for The Block

Quick Take

Solana up more than 18% in last 24 hours and over 52% during last week.
The token is the best-performing among blue-chip cryptocurrencies.

Solana SOL -3.15% 's token is once again outperforming all other blue-chip cryptocurrencies, rising more than 18% the day after Ark Invest CEO Cathie Wood talked about the strength of the network.

"Solana is doing a really good job," Wood said during a televised interview on Tuesday. "If you look at ether it was faster and cheaper than bitcoin in the day. That's how we got ether. Solana is even faster and cost effective than ether.

In a run that some analysts have previously called a price correction after a long period from a long period of undervaluation, Solana has been rising at rapid clip most of the year. That's especially during the last week in which it has jumped by more than 52%, according to CoinGecko. The token is up over 350% on the year.

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That puts Solana's price performance way ahead of both bitcoin and ether, which during the last week are both up by about 6% and 8%, respectively. The current price of SOL is $66.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.