Solana’s (SOL) price has surged nearly 81% in the past 30 days, fueled by the testnet launch of its long-awaited scaling solution, Firedancer. The blockchain network’s token hit highs not seen since August of the previous year, reaching over $41 on November 2.
The gains come on the back of Firedancer, which is touted as a long-term solution to the blockchain’s once-frequent outages. The testnet launch was announced by Solana Foundation executive director, Dan Albert, at Solana’s Breakpoint conference on October 31.
Solana has significantly outperformed its rival Ether (ETH), which posted under 11% gains in the past month. SOL-related investment products have also seen a substantial influx of capital in recent weeks, according to CoinShares.
Despite its recent rally, SOL is still about 84% down from its all-time high of nearly $260, reached on November 6, 2021. The mainnet launch of Firedancer is slated for the first half of 2024, as disclosed by Anatoly Yakovenko, Solana Labs founder and CEO.
However, concerns about potential selling pressure on SOL remain, following the transfer of $56 million worth of the cryptocurrency from FTX to an unidentified wallet. An additional $32 million linked to FTX and Alameda Research also moved to a wallet suspected to be the firms’ designated liquidator, Galaxy Digital.
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