SOL Crypto Price Rises 50% In A Week, Cathie Wood: Ethereum Is Faster But Solana Is Much Superior

Solana's crypto assets have experienced a positive increase in the past week. (Photo; Doc. Yahoo Finance)

JAKARTA - Solana (SOL) is the favorite in the crypto market today. This crypto asset known as the “Ethereum Killer” jumped more than 13% in one day. Now the price of SOL has reached IDR 1,011,000 per coin. In the previous week, SOL was traded at the level of IDR 700 thousand to IDR 800 thousand. The rise in SOL prices has attracted the interest of many analysts and investors who see huge potential behind this Ethereum competitor.

One of those who expressed high appreciation for Solana was Cathie Wood, CEO of Ark Invest, who is known as an innovative investor. In his interview with CNBC yesterday, Wood praised Solana as a cryptocurrency that excels in terms of speed and cost efficiency. "We used to choose Ether because it was faster and cheaper than Bitcoin. But Solana is even superior to Ether," said Wood, quoted by InvestorPlace.

Wood also acknowledged that Solana still faces challenges maintaining the stability of its network, but if those can be overcome, then Solana could become a very popular platform. This is in line with my view on Solana, which I consider to be one of the strongest candidates for the future of crypto. However, Wood is not the only one who is optimistic about Solana, as there are many other experts and experts who share the same view.

Data from CoinGecko shows that the price of Solana is currently trading at IDR 1 million with a 24-hour trading volume of IDR 59.2 trillion. Solana price rose 13.8% in the last 24 hours. In the past week, SOL skyrocketed 50.6%.

A Brief History of Solana

Solana launched publicly in March 2020, after its founder, Anatoly Yakovenko, released a whitepaper describing a new method for keeping time in distributed systems called Proof of History (PoH). Yakovenko is a former Dropbox and Qualcomm employee who specializes in compression techniques and distributed systems.

The Solana blockchain is designed to support smart contracts and decentralized applications (Dapps), using a hybrid consensus that combines PoH and Proof of Stake (PoS). Solana has experienced several problems such as network outages, hacking attacks, and lawsuits since its launch.

Solana's market capitalization peaked at $55 billion (Rp. 854.1 trillion) in January 2022, but plummeted to around $3 billion (Rp. 46.6 trillion) in late 2022 not long after crypto exchange FTX went bankrupt. Even though SOL previously followed the general upward trend of the crypto market in 2023, Solana's market capitalization rose again to IDR 428 trillion.