NEW YORK – On today's segment of CNBC's Squawk Box, Cathie Wood of ARK Invest highlighted the performance and potential of Solana (SOL) in comparison to its peers Bitcoin and Ethereum, citing its speed and cost efficiency as key advantages. In conjunction with her comments, Solana experienced a significant upswing in market value, reaching a peak of $63.20 per token. This price point marks a notable high for the cryptocurrency, which hasn't been achieved since May 2022.
Wood's analysis comes at a time when Solana has shown remarkable resilience and recovery in the cryptocurrency market. After suffering a decline following the FTX exchange collapse, SOL has made an impressive rebound. Over the past week, Solana has seen an increase of 46%, including an 11.50% surge within a single day.
In addition to discussing cryptocurrency performance, Wood also announced the launch of five new exchange-traded funds (ETFs) by ARK Invest. These funds are designed to provide investors with exposure to Bitcoin futures, Ethereum futures, and an array of Bitcoin and equity-related companies.
The positive outlook from such a prominent figure in the investment community and the introduction of new investment vehicles have contributed to bolstering investor confidence in cryptocurrencies like Solana. As of today, Solana is trading at $63.20 on Binance, signaling a strong recovery from its mid-October lows and underscoring the dynamic nature of the crypto market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.