As the %Cryptocurrency rally broadens out, the price of altcoin %Solana ($SOL) has nearly tripled over the past month.
Solana is currently trading at $63.25 U.S. per token, up 170% since mid-October amid an ongoing rally in digital coins and tokens.
More recently, Solana’s price got a boost after well-known investor Cathie Wood praised its functionality and said that the altcoin is superior to Ethereum (ETH) on which it is based.
“Ether was faster and cheaper than %Bitcoin ($BTC) back in the day, that’s how we got Ether,” said Wood during an interview on CNBC. “Solana is even faster and more cost-effective than Ether.”
Solana is now the sixth largest cryptocurrency by market capitalization. Many crypto analysts praise it as a faster and more efficient version of Ethereum.
Market data shows that trading activity in Solana has been steadily growing throughout the year.
The token has been rising along with the entire cryptocurrency market, which is bouncing back from a steep selloff in 2022.
Last year, Solana’s price fell 70% and traded below $10 U.S. But now, Solana’s price has gained about 550% this year and has been one of the best performing cryptos of 2023.
By comparison, Bitcoin’s price has increased 125% year-to-date, and Ethereum’s price has risen 70% since January.