Solana Surges 0.152% as Cathie Wood Praises Network Resilience

Solana's latest price was $157.35, up 0.152% in the last 24 hours. Cathie Wood, the CEO of Ark Invest, attended the Solana Accelerate conference along with many other notable founders. On stage, Woods discussed the many positive aspects of the Solana network. She observed the network’s ability to remain firm through the many market woes experienced in the previous years, particularly noting that Solana surmounted the hurdles that came with the Sam Bankman-Fried controversy, especially as he was a vocal Solana proponent. Woods is quoted as saying; “It is one of the few protocols that has gone through a full market cycle, including 2021 when Sam Bankman-Fried was a huge supporter of Solana, so everyone thought…that’s that, and here we go; it resurrected.” Woods, who appears to be keeping up with activities within the Solana ecosystem, highlighted a key milestone recorded last year: Solana unseated its long-standing competitor, Ethereum, in the number of network developers. “…On July 24, the number of developers on the Solana network surpassed that of Ethereum and became the highest,” Woods remarked. She maintains that Ethereum appeals to institutions, while Solana caters to and attracts key participants in the consumer market. She cites lower fee charges, network agility, functionality, and speed as factors propelling demand for the protocol. “At Ark, one of the things we look for in a new technology is falling cost and accelerating uptake, and that is certainly Solana.” She concluded.

Like Cathie Wood, Financier Anthony Scaramucci is optimistic about Solana’s future. The founder of alternative asset manager SkyBridge Capital envisions Solana bridging the gap between crowdsourcing and crypto projects by tokenizing initial public offerings (IPOs). Scaramucci, who is currently authoring a book on the Solana network, added that Solana could become the operating layer for real-world assets, stocks, bonds, and tokenization. Solana is witnessing vigorous on-chain activity as it waits for a new bullish signal from the larger crypto market. The sixth-largest cryptocurrency by market capitalization is all set to target the $300 level in the near future as it tries to take control of its destiny. According to popular crypto analyst Don on X (formerly Twitter), technical indicators show that the major digital asset is set to reach this important milestone in the coming months. SOL has been relatively steady overall during this period. Still, the bulls could have done much better, because premier cryptocurrency Bitcoin posted a new All-Time High (ATH) of $112,000 about a week ago. The move was expected to kickstart the next altcoin season, but it didn’t as BTC dropped slightly in value and is now hovering around $108,000. A definitive move ahead from the top cryptocurrency by market capitalization is likely to create a spark for other digital currencies to follow. SOL has been unable to break free of the $200 price resistance recently, but for these smaller coins, a jump like that doesn’t take much time, especially if the right conditions present themselves. The Solana bulls must wait for the opportune moment before striking. SOL will likely be a major part of this highly anticipated bull market.

The programmable digital currency ecosystem remains one of the most sought-after networks for developers because of its immense capability and growing acceptability. The Solana blockchain’s Total Value Locked (TVL) is now nearing $10 billion and showing no signs of slowing down. A recent development involves Solana Strategies, a Canadian company specializing in capital raising through the Solana blockchain. The blockchain firm recently filed for a $1 billion preliminary short-form base shelf prospectus to increase financial flexibility and capitalize on emerging opportunities. In simple terms, the move will allow the organization to raise massive funds for various financial instruments it intends to offer via the SOL blockchain. The move indicates the growing acceptance of Solana in the capital markets, which is a significant advantage considering its relatively subdued overall performance in the cryptocurrency market. Despite the sell-off, Solana’s fundamentals are strong. The chain has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the first time Chainlink has deployed outside of the Ethereum Virtual Machine (EVM). This is a significant development for Solana’s cross-chain DeFi capabilities, as DeFi activity surges. Over $19 billion in value is now in play. And the Solana App Kit—a React Native toolkit—makes mobile dApp development a breeze. With support for over 18 protocols, this kit enables developers to build mobile apps on Solana’s fast blockchain in minutes, thereby boosting adoption in wallets, NFT platforms, and DeFi markets.