In the past 30 days, Solana has experienced an increase of nearly 90%, and in the last week alone, it has surged by over 30%, coinciding with the testnet launch of its highly anticipated scaling solution, Firedancer.
On Nov. 2, SOL’s price was surpassed $45, marking levels not seen since August 2022, according to data from CoinMarketCap.
During the Breakpoint conference held on Oct. 31, the launch of the Firedancer testnet was revealed by Dan Albert, the executive director of the Solana Foundation.
Spearheaded by web3 development firm Jump Crypto since last August, this project aims to enhance the network’s speed, reliability, and validator diversity, with a mainnet launch slated for the first half of 2024.
Despite these advancements, there is a growing concern about potential selling pressure on SOL.
This concern arises after the transfer of $56 million worth of SOL, which was previously staked with FTX, to an undisclosed wallet. Additionally, another $32 million in SOL associated with FTX and Alameda Research was moved to a wallet believed to be owned by Galaxy Digital, the firm’s designated liquidator.
The momentum driving Solana extends beyond its recent price rally and the introduction of Firedancer. Solana Labs has now unveiled an initiative to provide support for early-stage web3 startups.
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