When Firedancer went live on testnet, Solana gained 80% in a month

Solana (SOL) posted a 30-day gain of nearly 81%, and rallied more than 30% in the past week amid the launch of blockchain's low-waited scaling solution Firedancer's testnet.

SOL hit more than $41 on Nov. 2, a high it hasn't seen since August last year, according to data from Cointelegraph Markets Pro.

Long regarded as the “Ethereum killer” – SOL has significantly outperformed its rival Ether (ETH), which has gained just under 11% in the past month.

SOL-related investment products have also seen millions of dollars in revenue in recent weeks, according to CoinShares. SOL, however, is still down about 84% from its all-time high of $260 on November 6, 2021.

At the Solana Breakpoint Conference on October 31st, Solana Foundation Executive Director Dan Albert announced that Web3 development company Jump Crypto has launched the Firedancer testnet, which it has been building since last August.

FireDancer is a new authentication client for the network that aims to increase speed, reliability and authentication diversity, said Anatoly Yakovenko, founder and CEO of Solana Labs. The planned launch of the mainnet is in the first half of 2024.

Firedancer named Yakovenko as a long-term solution to Solana's previous network outage problem, which he called a “curse.”

Solana in 2010 It faced 14 partial or major outages in 2022, but its timetable improved to just one major outage in 2023, it reported in February. .

However, there is concern that the selling pressure may hit SOL as the kriptovalyutnogo $56 million worth of cryptocurrency associated with FTX is not held and sent to an unknown wallet. An additional $32 million in SOL linked to FTX and Alameda Research was transferred to a wallet suspected of being the companies' Galaxy Digital Liquidation.

Related: VanEck predicts 10,600% Solana price rally by 2030

Other altcoins saw strong price rallies during the month as crypto market sentiment remained positive. In the year On November 2, the Crypto Fear and Greed Index jumped 6 points from the day to 72 out of 100 – indicating a “greed” sentiment.

Chainlink (LINK) has seen a gain of over 54% in the last 30 days. Meanwhile, Bitcoin (BTC), Avalanche (AVAX), and Near Protocol (NEAR) posted 30-day gains of 30%, 32%, and 37.5%, respectively.

Magazine: BitCulture: Fine Art on Solana, AI Music, Podcast + Book Reviews