Solana has been on a remarkable run lately, with its value surging by 81% in the past month. During the last week alone, it saw a more than 30% increase in price, marking a comeback that’s been quite the showstopper.
In contrast, Ethereum only managed to muster an 11% gain in the same timeframe. However, it’s essential to keep in mind that Solana still has some ground to cover, as it’s down by around 84% from its all-time high (ATM), which it reached in November 2021.
The recent success of Solana can be largely attributed to the launch of Firedancer, a testnet designed to enhance the network’s speed, reliability, and diversity of validators.
Firedancer is considered a long-term solution that aims to address Solana’s previous network outage issues. This scaling solution has garnered optimism and is set to make its debut on the mainnet in the first half of 2024.
Despite the overall enthusiasm surrounding Solana’s performance, there is some lingering concern about selling pressure.
Notably, a substantial amount of SOL tokens has been unstaked and transferred to wallets with unknown ownership, raising questions about their potential impact on the market.
It’s also worth noting that it’s not just Solana that’s been experiencing a boost in the crypto market. Other cryptocurrencies like Bitcoin, Chainlink, Avalanche, and Near Protocol have witnessed significant price surges over the past month.
This positive sentiment has been reflected in the Crypto Fear and Greed Index, which currently stands at 72 out of 100, indicating “greed” in the market.