Solana (SOL) has a 30-day gain of nearly 81% and has gained over 30% over the past week with the launch of the testnet of Firedancer, the blockchain’s highly anticipated scaling solution.
Cointelegraph Markets Pro data shows that SOL hit over $41 on November 2, hitting its highest point since August last year.
SOL has long been hailed as the “Ethereum killer,” significantly outperforming its rival Ethereum (ETH), which is up less than 11% over the past month.
SOL-related investment products have also seen millions of dollars in inflows over the past few weeks, according to CoinShares. However, SOL is still down approximately 84% from its all-time high near $260 on November 6, 2021.
On October 31, at Solana’s Breakpoint Conference, Dan Albert, CEO of the Solana Foundation declare Web3 development company Jump Crypto has been building the Firedancer testnet since last August.
Firedancer is a new validator client for the web, and Solana Labs founder and CEO Anatoly Yakovenko said its goal is to increase speed, reliability and validator diversity. Its mainnet is expected to be launched in the first half of 2024.
Firedancer is billed as Solana’s long-term solution to past network outages, which Yakovenko calls a “curse.”
According to reports in February, Solana suffered 14 partial or major outages in 2022, but its uptime improved in 2023 with only one major outage.Should
However, there are concerns that selling pressure could hit SOL as $56 million worth of cryptocurrencies tied to FTX were uncollateralized and sent to an unknown wallet. Another $32 million worth of SOL linked to FTX and Alameda Research was also transferred to the wallet of Galaxy Digital, suspected of being the company’s designated liquidator.
related: VanEck predicts Solana price will rise 10,600% by 2030
Prices of other altcoins have also risen strongly this month as sentiment in the cryptocurrency market turned for the better. On November 2, the Cryptocurrency Fear and Greed Index rose 6 points from the previous day to 72 (out of 100) – reflecting “greedy” sentiment.
Chainlink (LINK) is up over 54% in the past 30 days. Meanwhile, Bitcoin (BTC), Avalanche (AVAX) and Near Protocol (NEAR) have posted 30-day gains of 30%, 32% and 37.5% respectively.
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