- Cathie Wood’s bullish endorsement of Solana highlights the rising significance of smart contracts in DeFi.
- Solana’s market surge is fueled by growing interest from venture capitalists.
Ark Invest CEO Cathie Wood’s bullish stance on Solana resonates in the market. Wood emphasized the growing importance of smart contracts in the decentralized finance (DeFi) space, predicting that both Solana and Ethereum will thrive as smart contract networks. Also, she highlighted Solana’s competitive edge over Ethereum in terms of speed and cost efficiency.
Cathie Wood strongly believes that is DeFi gaining momentum. Despite the ongoing competition, both networks are seen as winners, with developers showing a strong commitment to Solana.
BREAKING 🚨 NEWS ‼️ Cathy Wood is bullish on Solana. Amazing turn of events. She says “Solana is critical DeFi project and she always follows the devs.” #Solana pic.twitter.com/BbqO9NVnUt
— Jason A. Williams (@GoingParabolic) December 27, 2023
Solana (SOL) has emerged as the fourth-largest cryptocurrency, gaining significant momentum in the market. The surge comes amid increasing interest from venture capitalists and an endorsement from investors.
Additionally, the upward momentum in SOL is fueled by substantial investments from major whales, with numerous Solana investors reaping double profits.
The recent price action of SOL reflects its rapid ascent, breaking through the $110 resistance and reaching $126 as a Christmas surprise before settling at $111. This surge marks a 59% increase in just seven days and an astounding 1009% year-to-date growth.
Analyzing the hourly chart, SOL’s price is currently situated within a local channel, with a false breakout of the $111 level. The closing position of today’s bar will play a crucial role in predicting future movements. If the bar closes closer to the resistance of $120, a test of the $150 area is anticipated soon. However, a close near $110 or below may trigger a correction, potentially leading to a decline to the $100-$105 area.
