Solana has emerged as the most prominent performer in the top 10 cryptocurrencies, recently reaching a new yearly high following a staggering 13% daily increase.
Solana's SOL has shown impressive momentum of 144% in 30 days. Although SOL touched its 2023 high on November 10, its price remains around four times lower than its all-time high of $259.
Notably, Solana's rapid rise has outpaced other major cryptocurrencies. This exceptional growth is due to various factors. This includes increased user activity and the success of decentralized applications (dApps) like Jito on the Solana blockchain.
At the time of writing, SOL is trading at 57 USD and peaked at 67.5 USD.
Solana's outstanding growth
The driving force behind Solana's recent price increase lies in its growing user base, fueled by the success of Jito. This is a top-performing decentralized application on the Solana blockchain.
Jito has played an important role in attracting users, contributing to the number of daily active users on Solana reaching its highest level in 2023, reaching an impressive number of 200,000.
At the same time, SOL's revenue has exceeded 1 million USD in the past 30 days, reflecting a significant increase of 78.2%.
Jito's success on Solana has become a major catalyst for the overall growth of the Solana ecosystem, thereby contributing to price increases.
In addition, SOL's upward momentum is also affected by many other factors, market psychology and BTC price is one of those factors.
Cathie Wood's confirmation about Solana
Solana's bullish momentum received a notable boost when ARK Invest CEO Cathie Wood praised the efficiency and cost savings of the SOL network.
Specifically, in a CNBC interview, Wood made these statements. She praised SOL as “a major infrastructure player in the broad blockchain ecosystem.” She also acknowledged SOL's commendable performance in recent market conditions.
Notably, Wood emphasized Solana's speed and cost-effectiveness, and compared it to Ethereum to show that SOL is better than ETH.
“Ethereum was faster and cheaper than Bitcoin at the time, that's how we got Ethereum. But now Solana is even faster and more cost-effective than Ethereum,” she said.
She continued to emphasize the potential of SOL and argued that it outperforms not only traditional cryptocurrencies but also other established blockchain networks.
An endorsement from a respected figure like Cathie Wood adds credibility to Solana's capabilities and could further contribute to SOL's growing popularity among investors and users .
Solana's recent surge to a new yearly high is testament to its growing influence in the crypto space. Investors and cryptocurrency enthusiasts alike will be closely watching the continued growth and development of SOL in the coming months.
