Solana gains 80% in a month as Firedancer goes live on testnet
Solana ( SOL ) has posted 30-day gains of nearly 81%, and has rallied over 30% in the past week amid the testnet launch of the blockchain’s loawaited scaling solution Firedancer.
SOL reached over $41 on Nov. 2 touching highs it hasn’t seen since August last year, Cointelegraph Markets Pro data shows.
Long touted as an “Ethereum killer” — SOL has vastly outperformed its rival Ether ( ETH ) which posted under 11% gains in the past month.
Three-month SOL price chart with gains up nearly 81% in 30 days. Source: Cointelegraph Markets Pro
SOL-related investment products have also seen millions of dollars worth of inflows over the past weeks according to CoinShares. SOL is, however, still down around 84% from its Nov. 6, 2021, all-time high of almost $260.
On Oct. 31 at Solana’s Breakpoint conference, Solana Foundation executive director Dan Albert announced the testnet launch of Firedancer which Web3 development firm Jump Crypto has been building since last August .
Firedancer is a new validator client for the network which Solana Labs founder and CEO Anatoly Yakovenko has said is aimed at increasing speed , reliability and validator diversity. Its slated mainnet launch is in the first half of 2024.
Firedancer has been dubbed the long-term fix to Solana’s past network outage problems which Yakovenko called a “curse.”
Solana suffered 14 partial or major outages in 2022 but its uptime improved in 2023 with only one major outage , reported in February.
However, there are concerns that selling pressure could hit SOL as $56 million worth of the cryptocurrency tied to FTX was unstaked and sent to an unknown wallet. An additional $32 million worth of SOL linked to FTX and Alameda Research also moved to a wallet suspected to be the firms’ designated liquidator Galaxy Digital.
Related: VanEck predicts a 10,600% Solana price rally by 2030
Other altcoins also saw strong price rallies over the month as crypto market sentiment turned positive. On Nov. 2 the Crypto Fear and Greed Index jumped six points from the day before to 72 out of 100 — reflecting a sentiment of “greed.”
Chainlink ( LINK ) saw an over 54% gain in the last 30 days. Meanwhile, Bitcoin ( BTC ), Avalanche ( AVAX ) and Near Protocol ( NEAR ) posted 30-day gains of 30%, 32% and 37.5% respectively.
Magazine: BitCulture: Fine art on Solana, AI music, podcast + book reviews
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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