May 20, 2024

Solana has sparked enthusiasm in the crypto space with its impressive record for the past month. The native token SOL recorded a whopping 80% surge over the past 30 days despite the high volatility in the broader crypto market.

The great feat for Solana is coming amid the testnet launch of its blockchain scaling solution, Firedancer.

Solana Outperforms Prominent Crypto Assets in The Past One Month

On November 2, Solana’s token SOL surged above the $41 price region, recording a new high since August 2022. Cointelegraph Markets Pro data confirmed the impressive surge for Solana. Known as the “Ethereum Killer,” Solana reflected a more positive price trend than its competitor, Ether. 

While SOL had over 80% gains in the past 30 days, ETH recorded just 11% surge within the same period. Also, Solana’s 7-day price action indicated an increase of more than 34%, according to CoinMarketCap

As of 07:03 AM EST on November 2, SOL trades at $43.28, representing a surge of 10.55% over the past 24 hours. Solana’s impressive rally has pushed the token higher in the CMC ranking of crypto assets, as it boasts a market cap of $18.20 billion.

Solana is the seventh top crypto asset, above Dogecoin (DOGE) and Cardano (ADA).

Due to its price rally, some Solana-based investment products recorded massive inflows over the past few weeks. However, data from CoinMarketCap still shows that SOL is 83.37% down from its all-time high of $260 in November 2021.

But SOL is not the only altcoin recording positive twists in price due to the crypto market sentiment. Notably, the Crypto Fear & Greed Index scaled by 6 points from the previous day to read 72 out of 100. This value indicates a strong “Greed” market sentiment.

As such, Chainlink (LINK) surged by more than 54% within the past 30 days. Similarly, Near (NEAR), Avalanche (AVAX), and Bitcoin (BTC) spiked by 37.5%, 32%, and 30%, respectively, within the same period. 

Solana’s Blockchain Scaling Solution Firedancer Testnet Goes Live 

Solana’s Firedancer, which has been under development since last August, has launched its testnet. Solana Foundation executive director Dan Albert announced the launch of the Firedancer testnet on October 31 during Solana’s Breakpoint conference.

Firedancer is a new validator blockchain for the Solana network. The scaling solution is expected to provide a permanent fix to all of Solana’s issues of network outages.

According to Solana Labs founder and CEO Anatoly Yakovenko, the development is a scaling solution offering increased speed, reliability, and diversity. The mainnet’s launch will be in the first half of 2024.

Part of the creation team for Firedancer is a Web3 development company, Jump Crypto.

In 2022, Solana recorded 14 partial or major outages. However, according to its Network Performance Report for Q2 2023, the network users witnessed an enhanced uptime in 2023 and had just a single major outage in February,

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