"It is true that the price of SOL has now gone back down, but maybe this is a sign that it will rise again?"
Solana (SOL) managed to show a remarkable rise when the price reached the level of $68 after Cathie Wood who is the Chief Executive Officer (CEO) of Ark Invest showed her strong support for the cryptocurrency.
During an interview with "Squawk Box" last Tuesday, Wood, who praised the SOL blockchain protocol, said that the digital asset is faster and more cost-effective than Ethereum (ETH).
But it should be known that this is not the first time that Wood has praised SOL, his previous follow-up on November 1, 2023 has not only highlighted its efficiency but also believes that the digital asset is capable of surpassing ETH.
There's no denying Wood has long been a big fan of BTC and the broader crypto market, but he's often voiced his frustration with the regulatory environment in the United States.
The CEO of Ark Invest has criticized the SEC's late follow-up in approving spot BTC ETFs, but at the same time defended Bitcoin's (BTC) decentralized nature and transparency against market manipulation.
Despite the regulatory hurdles, Wood remains optimistic about the future of crypto where he believes the crypto market could grow to $25 trillion by 2030 due to increasing institutional acceptance.
As of this writing, SOL price plunged by 10.25% to $59.32 in the last 24 hours with a market cap of $3 billion but still recorded a gain of over 28.63% over the last week.
