Solana Skyrockets by 81% in a Month: Testnet Launch of Scaling Solution Firedancer Fuels Impact
Summary:
Surging by nearly 81%, cryptocurrency Solana (SOL) has outperformed its rival Ethereum in the last 30 days. This boost is linked to the testnet launch of Firedancer, Solana's anticipated scaling solution. Despite facing selling pressure linked to FTX, the crypto market displays a bullish trend, with SOL displaying a significant uptick surpassing $41, a peak not seen since the previous year. Other cryptocurrencies including Chainlink, Bitcoin, Avalanche, and Near Protocol also posted notable gains.
In the last 30 days, The cryptocurrency Solana (SOL) has seen an upswing of nearly 81%, and in the last week alone, has surged upwards by over 30%. This significant increase comes on the heels of the testnet launch of Firedancer, Solana's eagerly anticipated scaling solution. On November 2nd, the value of SOL exceeded $41, a price point that hasn't been attained since August of the previous year, as detailed by data from Cointelegraph Markets Pro.
Solana is popularly referred to as an "Ethereum killer" and has significantly outperformed Ethereum (ETH), which has seen a less than 11% increase in the last month. Recent data shows Solana's three-month price chart with a surge of about 81% within a span of 30 days.
Investment products that are SOL-related have witnessed inflows worth several million dollars over recent weeks, as per CoinShares. Nonetheless, compared to its peak of nearly $260 on November 6th, 2021, SOL is still trailing by approximately 84%.
The testnet launch of Firedancer was recently announced at the Solana Breakpoint conference by Solana Foundation executive director, Dan Albert. Web3 development company, Jump Crypto, has been busy developing the project since August of the previous year. Solana Labs Founder and CEO, Anatoly Yakovenko, has stated that Firedancer, a new validator client for the network, aims to bolster speed, reliability and validator diversity. The mainnet launch for Firedancer is projected to happen in the first half of 2024.
According to Yakovenko, Firedancer is seen as the solution to recurring network blackout complications that Solana has experienced, with Yakovenko referring to these instances as a "curse.” Solana endured 14 significant or partial system failures in 2022, however, their uptime saw a marked improvement in 2023, experiencing only one major outage in February.
However, there are worries that SOL could face selling pressure after $56 million worth of the digital currency was unstaked from FTX and transferred to an undisclosed wallet. Additionally, a suspected $32 million worth of FTX and Alameda Research-tied SOL moved to a wallet believed to be the firms’ designated receiver, Galaxy Digital.
Other cryptocurrencies such as Chainlink (LINK) also experienced substantial price increases over the past month as the overall mood in the crypto market turned bullish. The Crypto Fear and Greed Index recorded a six-point leap from the day before to 72 out of 100 on November 2nd, indicating a "greed" sentiment. In the last 30 days, Chainlink (LINK), Bitcoin (BTC), Avalanche (AVAX), and Near Protocol (NEAR) saw gains of over 54%, 30%, 32%, and 37.5% respectively.
Published At
11/2/2023 2:01:28 AM
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