Solana’s price surged after ARK Invest CEO Cathie Wood praised it for its cost-effectiveness. On November 15 CNBC interviewed Cathie Wood about the Solana network. Wood praised Solana for its good performance in the recent market conditions. Woods also added that Solana is faster and more efficient as compared to the Ethereum Network.
In the interview, Cathie Wood first praises Ether over Bitcoin and said “Ether was faster and cheaper than Bitcoin in the day — that’s how we got Ether.” After that Wood lauded Solana- “Solana is even faster and cost-effective than Ether.”
Wood elaborated on the importance of Ethereum and Solana in the blockchain ecosystem and also mentioned them as significant infrastructure layers and also added that both are more useful and capable in the real world as compared to Bitcoin.
Solana Crypto: SOL Crypto Price Hits 2023 High; Key Reasons
Solana crypto price has shown remarkable growth this year, as it has grown by almost 576% since the beginning of the year. The growth continued till now as the crypto price gained 53.95% this week, reaching the 2023 high. However, despite reaching the 2023 high, it is far away from its all-time high price of $259.96.
Upsurge in the user base is considered to be one of the main reasons behind Solana’s price growth and is led by Jito, a liquid staking platform. Moreover, Solana marked a 2023-high in terms of active users, reaching 2,13,774 on November 11, 2023. Additionally, the revenue was $7 Million on 15 Nov 2023. The above data shows the positive outlook in Solana crypto.
Solana Crypto Fundamentals
At the time of writing, Solana’s market cap is $27.58 Billion with 163.27% growth, it has a fully diluted market cap of $36.71 Billion with 159.38% growth. Additionally, its last 30 days’ revenue was $1.11 Million with 83.16% growth and the annualized revenue was $13.51 with 29.59% growth. The P/F ratio (Fully Diluted market cap/ annualized fees) was 1,183.05x and the total transaction fees paid by users of the last 30 days is $2.22 Million with 83.16% growth while the annualized fees were $27.03 Million
Let’s Take a Dive into Solana Crypto Technicals
The technical chart shows a prolonged bullish momentum in Solana crypto as it surged 557.43% year to date, 221.77% over 6 months, and 202.17% in the past 3 months. The bullish rally has continued till now as it rose 173.17% last month, and 51.75% last week. The data highlights the bulls’ dominance on the Sol crypto price chart throughout the year.
SOl crypto price is trading above the 50, 100, and 200-day moving averages, showcasing bullishness while the RSI curve is in the overbought zone near 82, showing the buyers are highly active.
Conclusion
Solana Crypto is spreading a wave of optimism around the crypto market as many positive things are happening with it. Solana has strong fundamentals and technicals showcasing bullishness in the stock.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2023/11/16/solana-surges-after-cathie-wood-praise-regarding-speed-and-cost/