Solana's Remarkable Month: 80% Gain as Firedancer Testnet Ignites

In the last week, Solana has gained more than 30% due to the testnet deployment of Firedancer, the blockchain’s much-needed scaling solution. The cryptocurrency has seen gains of around 81% over the last 30 days.

SOL hit highs it hasn’t touched since August of last year on Nov. 2, reaching over $41, according to statistics from Cointelegraph Markets Pro.

Long hailed as a “Ethereum killer,” SOL has outpaced rival Ether, which has gained less than 11% in the last month at $1,859, by a significant margin.

Solana’s (SOL) Journey to $40 Resumes – It’s Back on Top

According to CoinShares, SOL-related financial products have also witnessed inflows of millions of dollars over the previous few weeks. Nonetheless, SOL has still dropped over 84% from its all-time peak of nearly $260 on November 6, 2021.

Solana’s Remarkable Month: 80% Gain as Firedancer Testnet Ignites,Solana’s Remarkable Month: 80% Gain as Firedancer Testnet Ignites,Solana’s Remarkable Month: 80% Gain as Firedancer Testnet Ignites, Solana coin Crypto news, Solana coin News

Dan Albert, executive director of the Solana Foundation, announced the testnet launch of Firedancer on October 31 at the Breakpoint conference held in Solana. Jump Crypto, a Web3 development business, has been working on the project since August.

According to Solana Labs founder and CEO Anatoly Yakovenko, the goal of Firedancer, a new validator client for the network, is to increase validator variety, speed, and reliability. The first half of 2024 is when the mainnet is expected to launch.

Yakovenko referred to Firedancer as a “curse,” yet it has been deemed the long-term solution to Solana’s previous network disruption issues.

In 2022, Solana experienced fourteen major or partial outages; however, in 2023, its uptime improved, with only one major outage that was announced in February. ..

However, with $56 million worth of the coin linked to FTX unstaked and transferred to an unidentified wallet, there are worries that selling pressure might reach SOL. A further $32 million in SOL connected to Alameda Research and FTX was also sent to a wallet believed to be Galaxy Digital, the companies’ appointed liquidator.

Vitalik Buterin’s Ethereum: Major ETH Transaction to Coinbase

Strong price increases in other cryptocurrencies were also witnessed over the month as attitude towards the crypto market improved.

The Crypto Fear and Greed Index increased by six points to 72 out of 100 on Nov. 2 from the previous day, indicating a “greedy” feeling.

Leave a Comment Cancel reply