Solana (SOL) once again became one of the biggest gainers among the largest cryptocurrencies today, with a significant price increase of over 18%.
So what was the reason why a huge altcoin with a market value of $ 27 billion experienced an 18% rally today?
Most likely, the recent rally was caused by Ark Invest CEO Cathie Wood praising the power of the Solana network.
During a televised interview, Wood praised Solana, saying:
“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 praise appears to have sparked a new rally in the price of Solana, which had previously experienced a significant decline following the collapse of FTX. However, the coin has been in a steady uptrend for most of the year, and some analysts attribute this trend to a price correction after a prolonged depreciation.
Since last week alone, Solana's price has increased by more than 52%, according to CoinGecko data. The coin's year-to-date performance is even more impressive, with a staggering increase of over 350%.
At the time of this writing, SOL is trading at $65.79.
*This is not investment advice.