Solana gains 80% in a month as Firedancer goes live on testnet
Solana (SOL) has actually published 30-day gains of almost 81%, and has rallied over 30% in the past week amidst the testnet launch of the blockchains loawaited scaling option Firedancer.SOL reached over $41 on Nov. 2 touching highs it hasnt seen since August in 2015, Cointelegraph Markets Pro information shows.Long promoted as an “Ethereum killer”– SOL has actually vastly exceeded its rival Ether (ETH) which posted under 11% gains in the past month.Three-month SOL rate chart with gains up almost 81% in 30 days. Source: Cointelegraph Markets ProSOL-related financial investment products have also seen countless dollars worth of inflows over the past weeks according to CoinShares. SOL is, nevertheless, still down around 84% from its Nov. 6, 2021, all-time high of practically $260. On Oct. 31 at Solanas Breakpoint conference, Solana Foundation executive director Dan Albert announced the testnet launch of Firedancer which Web3 development firm Jump Crypto has actually been developing because last August.Firedancer is a brand-new validator client for the network which Solana Labs founder and CEO Anatoly Yakovenko has stated is intended at increasing validator, dependability and speed diversity. Its slated mainnet launch remains in the first half of 2024. Firedancer has actually been called the long-term repair to Solanas previous network interruption issues which Yakovenko called a “curse.” Solana suffered 14 partial or significant interruptions in 2022 but its uptime improved in 2023 with just one significant outage, reported in February. There are concerns that selling pressure could strike SOL as $56 million worth of the cryptocurrency tied to FTX was unstaked and sent out to an unidentified wallet. An additional $32 million worth of SOL connected to FTX and Alameda Research likewise moved to a wallet presumed to be the firms designated liquidator Galaxy Digital.Related: VanEck anticipates a 10,600% Solana rate rally by 2030Other altcoins likewise saw strong cost rallies over the month as crypto market belief turned favorable. On Nov. 2 the Crypto Fear and Greed Index jumped 6 points from the day before to 72 out of 100– showing a belief of “greed.” Chainlink (LINK) saw an over 54% gain in the last 30 days. Meanwhile, Bitcoin (BTC), Avalanche (AVAX) and Near Protocol (NEAR) published 30-day gains of 30%, 32% and 37.5% respectively.Magazine: BitCulture: Fine art on Solana, AI music, podcast + book evaluations
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Other Questions People Ask
What are the reasons behind Solana's 80% gains in a month as Firedancer goes live on testnet?
Solana's impressive 80% gains over the past month can be attributed to the launch of the Firedancer testnet, which promises to enhance the network's scalability and reliability. This new validator client, developed by Jump Crypto, aims to address previous network interruptions that have plagued Solana. Additionally, the overall positive sentiment in the cryptocurrency market has contributed to SOL's rally, significantly outpacing Ethereum's modest gains during the same period.
How does the Firedancer testnet impact Solana's future performance?
The Firedancer testnet is expected to play a crucial role in Solana's future performance by improving validator diversity and network speed. With its mainnet launch slated for the first half of 2024, many investors are optimistic that Firedancer will resolve past issues related to network outages. This potential for enhanced stability and performance could attract more users and investors, further driving up SOL's value.
What challenges does Solana face despite its recent 80% gains?
Despite Solana's recent 80% gains, it still faces significant challenges, including a substantial decline from its all-time high of nearly $260. Concerns about selling pressure are heightened by the movement of SOL tied to FTX and Alameda Research, which could impact market stability. Additionally, while the Firedancer testnet aims to improve network reliability, Solana must prove it can maintain consistent performance to regain investor confidence.
How does Solana's performance compare to other cryptocurrencies during this period?
During the same period that Solana gained 80%, other cryptocurrencies like Chainlink and Bitcoin also saw significant price increases, with Chainlink rising over 54% and Bitcoin gaining around 30%. However, Solana's performance has notably outpaced Ethereum, which only managed under 11% gains. This divergence highlights Solana's unique position in the market as it continues to innovate with developments like Firedancer.
What is the significance of the Firedancer launch for Solana investors?
The launch of Firedancer is significant for Solana investors as it represents a strategic move to enhance the blockchain's scalability and reliability, which are critical for long-term growth. Investors are hopeful that this development will attract more users and institutional interest, potentially leading to further price appreciation. Additionally, as Solana aims to overcome its previous network issues, successful implementation of Firedancer could solidify its reputation as a leading blockchain platform.