Solana’s SOL has surged by nearly 81 percent in the past month and over 30 percent. On November 2, SOL surpassed $41, reaching levels last seen in August last year, marking a 14-month high.
Often regarded as an “Ethereum killer,” SOL has significantly outperformed its rival, Ether (ETH), which has only gained less than 11 percent in the past month, with its price now at $1,835.
Investment products linked to SOL have attracted millions of dollars in recent weeks, as reported by CoinShares. However, SOL’s current value is still roughly 84 percent below its all-time high of nearly $260 on November 6, 2021.
There are also worries that SOL might face selling pressure, with $56 million worth of cryptocurrency from FTX unstaked and transferred to an undisclosed wallet. Another $32 million worth of SOL connected to FTX and Alameda Research has also shifted to a wallet believed to be the firms’ designated liquidator, Galaxy Digital.
Besides SOL, several other altcoins experienced significant price increases during the month due to the positive shift in crypto market sentiment. On November 2, the Crypto Fear & Greed Index surged by six points in a single day, reaching a level of 72 out of 100, indicating a “greedy” sentiment.
Chainlink’s LINK surged by over 54 percent in the past 30 days to reach $11.19. In comparison, Bitcoin (BTC) at $35,382, Avalanche (AVAX) at $11.99, and Near (NEAR) at $1.46 recorded 30-day gains of 30 percent, 32 percent and 37.5 percent, respectively.
At the Breakpoint conference on October 31, Solana Foundation executive director Dan Albert announced the testnet launch of Firedancer, a scaling solution developed by Web3 development firm Jump Crypto since August.
Firedancer is a new validator client for SOL, designed to boost speed, reliability and the diversity of validators. Its mainnet release is planned for the first half of 2024, as per Solana Labs founder and CEO Anatoly Yakovenko.
Yakovenko dubs Firedancer as the lasting solution to Solana’s prior network problems, which he refers to as a “curse.”
Solana had 14 outages in 2022. In 2023, its uptime got better, with only one major outage in February. During February’s outage, Solana had 100 percent uptime but was offline for almost 19 hours.
In a report, asset management company VanEck presented various valuation scenarios for SOL, with price predictions ranging from $9.81 on the conservative side to an ambitious $3,211.28 by 2030.
This represents a 10,600 percent price increase. VanEck also predicted a situation where Solana might become the first blockchain capable of hosting applications with more than 100 million users. Additionally, the report shows how Solana could potentially close the gap between itself and Ethereum in the future.
SOL is now among the top 10 cryptocurrencies, with growth of over 200 percent since the beginning of 2023. The total value locked in the Solana ecosystem is $378 million.
At the time of writing, the daily directional movement index (DMI) indicates a growing bearish influence on the daily chart. In order to safeguard the gains, bulls must make strong efforts, especially as the crypto market moves in tandem with Bitcoin’s recent rise.
At the moment, Bitcoin is trading at approximately $35,400, up 1.7 percent in the past 24 hours, breaking through the $35,000 barrier that had been limiting its upward movement for the last two weeks.
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