Altcoin Delight: Solana Balloons To 50%, Nearly Triples In A Month – Here’s Why

Christian Encila

1 year ago

3 mins read

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SOL, the native token of Solana, has demonstrated exceptional performance once again, surpassing all other prominent cryptocurrencies in the market.

The proof-of-stake blockchain platform had a notable increase of nearly 18% in value on the day after remarks made by Cathie Wood, the CEO of Ark Invest, who highlighted the robustness of the Solana network.

Solana has experienced a significant upward trend during the year, which some experts have interpreted as a price correction following a prolonged period of undervaluation.

According to Coingecko, there has been a significant increase of over 50% in the past week. The value of the token has experienced a significant increase of over 340% throughout the current year.

Speaking on Tuesday’s “Squawk Box” with CNBC, Wood praised Solana’s impressive performance. Reflecting on the past, she noted that Ether surpassed Bitcoin in speed and cost-effectiveness, leading to its prominence.

Solana Is Performing Well, ARK Invest CEO Says

Wood said that Solana is “doing a really good job,” during a televised interview on Tuesday. “If you look at ether it was faster and cheaper than bitcoin in the day. That’s how we got ether. Solana is even faster and cost effective than ether.”

She pointed out that individuals are willing to tolerate certain trade-offs for the sake of speed and cost, perhaps due to smaller transaction sizes or varying priorities. In her perspective, each network will find its niche, as different users prioritize different aspects of functionality.

Based on data source Kaiko, there has been a consistent increase in activity on Solana throughout the year, with a notable emphasis on liquid staking protocols such as Jito.

SOL market cap currently at $27.6 billion. Chart: TradingView.com

SOL Shines In Trading Volume

Solana has emerged as the leading altcoin in terms of trading volume on exchanges accessible to users in the United States, surpassing the trading activity of Dogecoin.

The native token of Solana, SOL, has seen tremendous growth over the last few months and has drawn a lot of interest from investors. It crossed $60 last week, a valuation last observed in May 2022, igniting more excitement in the community and raising expectations for an impending rally.

In my opinion, I think that @Solana is going to continue to be one of the biggest movers during this current bull market cycle and I’m going to lay out some ideas for you.

It’s possible that with the Ethereum ETF news that some of these ideas don’t play out, but it’s worth… pic.twitter.com/oii8vWs0W9

— Jacob Canfield (@JacobCanfield) November 9, 2023

One cryptocurrency speculator who holds this view is Jacob Canfield, a user of the X platform (formerly Twitter). He believes that if SOL maintains its current trend against Ethereum (ETH), it will be “the biggest mover” in the subsequent bull run cycle of cryptocurrencies.

Solana has seen its value increase by around 550% this year. When compared to other cryptocurrencies, bitcoin and ether have seen gains of approximately 125% and 70%, respectively.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Peakpx

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.