Solana climbs 20% after Kathy Wood’s remarks

During a CNBC interview, ARK Invest head Kathy Wood spoke about the potential of the Solana blockchain and noted its ‘good work’. Against this backdrop, the SOL token rose more than 20%.

The asset jumped from $55 to $65 on the day — a new annual high. The rise was accompanied by a surge in trading volume.

According to CoinGecko, at the time of writing the asset’s market capitalization reached $27 billion, and daily trading volume exceeded $4 billion.

“Solana, as an infrastructure player, has done an excellent job. If you look at Ethereum, it is faster and cheaper than Bitcoin. That’s how we got ETH. Solana works even faster and cheaper,” Wood said.

Since the start of 2023, SOL has shown an almost uninterrupted rise of about 350%. The asset also leads in monthly growth — 197%. Bitcoin and Ethereum have risen by 32% and 28% respectively.

Kathy Wood also spoke about expectations for the spot Bitcoin ETF. In her view, during a period of hype one should remember the true purpose of the first cryptocurrency, which sparked a ‘monetary revolution’.

The ARK Invest CEO notes that on the first day of approval for the exchange-traded fund there could be ‘sell the news’. The anticipation exceeds market demand, so a correction after the expected rise is possible, she said.

As of October, VanEck projected growth for Solana to $3211 by 2030 under a bull scenario. However, the baseline assessment among experts suggests a target of $335.