Today, the price of Solana (SOL) went up even more, surging over 18%. People are wondering, why did it go up this time? What’s behind this latest increase?
Today, Solana (SOL) stood out as one of the top gainers among major cryptocurrencies, witnessing a substantial price surge of more than 18%. The question on everyone’s mind is: why did this significant altcoin, valued at $27 billion, experience such a notable 18% rally today?
Cathie Wood’s Endorsement Boosts Solana (SOL) to Another Rally
The recent surge in Solana’s price, likely triggered by Ark Invest CEO Cathie Wood’s positive remarks about the Solana network, has caught attention. During a televised interview, Wood commended 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.”
Wood’s endorsement seems to have reignited a rally in Solana’s price, following a significant dip after FTX’s collapse. Despite this setback, the coin has shown a consistent upward trend for most of the year, with some analysts attributing it to a correction after an extended decline.
Daily price chart showing the recent rise in SOL price
In just the past week, Solana’s price has surged by over 52%, according to CoinGecko data. The coin’s year-to-date performance is even more remarkable, boasting an impressive increase of over 350%. At the time of writing, SOL is trading at $65.79.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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