Solana (SOL) Prices Explode Toward $70: Possible Reasons

TL;DR

• Solana’s Price Surge: Solana’s native token, SOL, experienced a significant price increase, with a 10% rise in 24 hours and a 170% jump monthly.
• Market Sentiment and Institutional Interest: The bullish trend in the cryptocurrency sector, including gains in Bitcoin, Ethereum, and others, along with growing institutional interest and Coinbase’s decision to list SOL perpetual futures, might have contributed to SOL’s impressive rally.
• Cathie Wood’s Endorsement: Cathie Wood, CEO of ARK Invest, praised Solana for its performance, highlighting its speed and cost-effectiveness compared to Ethereum, further boosting its market perception.

Another Green Day for SOL

Solana’s native token – SOL – is once again the rock star of the cryptocurrency market. It made the headlines today (November 16) by registering a 10% price increase (per CoinGecko’s data) for the past 24 hours and a whopping 170% jump on a monthly basis.

SOL Price, Source: CoinGeckoThe coin’s latest rise could be attributed to the bullish sentiment reigning in the entire sector, with most digital assets, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and many others, being well in the green zone

Other reasons leading to Solana’s impressive rally could be the significant interest from institutional investors, the FOMO effect, and Coinbase’s decision tolistSOL perpetual futures on its international exchange and Coinbase Advanced.

Cathie Wood’s Interaction

It is worth mentioning that SOL’s latest price surge came shortly after Cathie Wood (CEO of ARK Invest) praisedthe token’s recent performance.

“Solana is doing a really good job. Ether was faster and cheaper than Bitcoin back in the day – that’s how we got Ether. Solana is even faster and more cost-effective than Ether,” she argued.