Solana’s Impressive Surge Continues, Eyes $100 as Cathie Wood Praises Its Speed and Institutional Backing

Solana’s Impressive Surge Continues, Eyes $100 as Cathie Wood Praises Its Speed and Institutional Backing

Crypto News – Solana continues its remarkable price surge, surging by an additional 15% and surpassing the $65 mark on Wednesday, November 15. This extends Solana’s monthly gains to nearly 200%, with its sights set on a significant milestone of $100. Following these recent gains, Solana has secured its position as the sixth-largest cryptocurrency by market capitalization, surpassing Circle’s USDC stablecoin.

Solana Gains Strong Institutional Support

Solana, a competitor to Ethereum, has garnered substantial institutional support, contributing to the impressive rally in SOL’s price. The Grayscale Solana Trust has seen a substantial influx of institutional capital, with the GSOL share price surging past $200 last week.

At one point, the GSOL share was trading at a remarkable 300% premium compared to the spot price of Solana. However, this week, the premium has been reduced to 100%.

In addition, Cathie Wood, from Ark Invest, has expressed significant admiration for Solana. During her interview on CNBC’s Squawk Box, Cathie Wood stated:

“Solana is performing exceptionally well. In the past, Ethereum was faster and more cost-effective than Bitcoin, and that’s how we got Ethereum. Solana is even faster and more cost-effective than Ethereum.”

Wood conveyed her positive sentiment towards Solana, emphasizing her enthusiasm for the altcoin. She acknowledged that Solana experiences more downtime, referring to periods of network maintenance or outages, compared to Ethereum.

“People are willing to tolerate this because perhaps transaction sizes are not as substantial or not as critical; they simply prioritize speed and cost. Each of these networks will find its place,” she added.

Is a $100 SOL Price on the Horizon?

The substantial rally in SOL’s price coincides with strong DeFi (Decentralized Finance) activity on the Solana blockchain. Since the beginning of October, the Total Value Locked (TVL) in the protocol has surged by an impressive $233 million, reaching a total of $557 million. Furthermore, active addresses in the Solana DeFi sector have increased, with 130,554 recorded in the last 24 hours.

As Solana displays strength on the technical charts, the immediate next target for SOL’s price is set at $70, with a longer-term target of $100. This optimistic outlook is supported by the occurrence of two golden crosses, which signify instances when the 50-day Exponential Moving Average (EMA) (red) crosses above both the 100-day EMA (blue) and the 200-day EMA (purple).

However, the bullish sentiment may wane if the Solana price drops below its crucial support level at $60.