Solana (SOL), the world’s sixth largest cryptocurrency is on the way to making one of the biggest comebacks ever in the industry. SOL extended its gain by surging around 20% in the last 24 hours. However, the ongoing surge comes after ARK Invest CEO Cathie Wood praised Solana over Ethereum (ETH).
Solana better than Ethereum?
In an interview with CNBC’s Squawk Box, Cathie Wood mentioned that Solana is doing a great job in the Web3 space. She stated that if you look at Ethereum (ETH), it is faster and cheaper than Bitcoin (BTC). However, SOL is even faster and cheaper than Ether.
She added that their firm believes that Web3 digital assets are a big idea. Specifically, digital assets with property rights is the first time anyone is doing this.
The ongoing positive momentum and sentiments developing in favor of Solana made it one of the biggest gainers over the past 30 days. SOL price jumped by a massive 186% in this period of time. However, it has now gained more than 525% on the year to date (YTD) basis. It is important to note that SOL slumped down to trade in single digits at the beginning of this year.
Whales making profits
Solana is trading at an average price of $62.02, at the press time. However, SOL price breached the $63 price mark on Wednesday morning, attaining the crucial level last regained in May 2022. Its 24 hour trading volume is up by 10% to stand at $3.4 billion.
As Solana looks ahead to extend its gain, crypto whales have started booking their profit. According to the data provided by Whale Alert, major digital asset wallets have moved around 895K SOL (approx worth $49 million) to multiple centralized crypto exchanges (CEX). The biggest transaction recorded by the tracker has been to move almost 500k SOL (approx value $27.1 million) from an unknown wallet to Coinbase.