As a long-term solution, Solana’s Firedancer scaling system helps eliminate the once-frequent outages on the blockchain. 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 awaited scaling solution Firedancer.
Solana reached over $41 on Nov. 2, reaching highs not seen since August last year, according to Cointelegraph Markets Pro. Long dubbed a “Ethereum killer,” SOL has beaten its rival Ether, which has gained less than 11% in the last month.SOL-related financial products have also witnessed millions of dollars in inflows in recent weeks. Solana is still down roughly 84% from its all-time high of around $260 on November 6, 2021.
Solana Foundation executive director Dan Albert announced the testnet launch of Firedancer, which Web3 development firm Jump Cryptocurrency has been working on since last August, on Oct. 31 at Solana’s Breakpoint conference.
Firedancer is a new validator client for the network that, according to Solana Labs founder and CEO Anatoly Yakovenko, aims to improve speed, stability, and validator diversity. Its mainnet deployment is scheduled for the first half of 2024. Firedancer has been labelled the long-term solution to Solana’s previous network disruption issues, which Yakovenko referred to as a “curse.”
In 2022, Solana experienced 14 partial or major failures, but its uptime improved in 2023, with only one major outage reported in February. However, there are concerns that SOL will face selling pressure after $56 million in FTX-linked cryptocurrency was unstaked and transmitted to an unknown wallet. A further $32 million in SOL related to FTX and Alameda Research was also sent to a wallet believed to be the firms’ appointed liquidator, Galaxy Digital. Other altcoins saw significant price increases this month as crypto market sentiment improved. On Nov. 2, the Crypto Fear and Greed Index rose six points from the previous day to 72 out of 100, indicating “greed.”