solana (SUN) has posted gains of nearly 81% in 30 days and is up more than 30% in the past week amid the testnet launch of the long-awaited blockchain scaling solution, Firedancer.
SOL hit over $41 on Nov. 2, hitting highs it hasn't seen since August of last year, Cointelegraph Markets Pro data sample.
long promoted as an "Ethereum killer": SOL has vastly outperformed its rival Ether (ETH) which recorded gains of less than 11% in the last month.
SOL-related investment products have also seen million dollars in tickets during the last few weeks according to CoinShares. However, SOL is still 84% below its November 6, 2021 all-time high of nearly $260.
On October 31, at Solana's Breakpoint conference, Solana Foundation CEO Dan Albert Announced the launch of the Firedancer testnet by the Web3 Jump Crypto development company been building since last august.
Firedancer is a new validator client for the network that, according to Solana Labs founder and CEO Anatoly Yakovenko, is intended to increase speed, reliability and diversity of validators. Its mainnet launch is planned for the first half of 2024.
Firedancer has been called the long-term solution to Solana's previous network outage problems that Yakovenko called a curse."
Solana suffered 14 partial or major outages in 2022, but its uptime improved in 2023 with only a major blackoutreported in February.
However, there are concerns that the selling pressure could hit SOL as $56 million worth of FTX-pegged cryptocurrencies were wiped out. unbet and sent to an unknown wallet. Another $32 million in SOL linked to FTX and Alameda Research was also moved to a wallet suspected to be the companies' designated liquidator, Galaxy Digital.
Related: VanEck predicts a 10,600% rally in Solana price by 2030
Other altcoins also saw strong price rallies during the month as cryptocurrency market sentiment turned positive. On November 2, the Crypto Fear and Greed Index jumped six points from the previous day to 72 out of 100, reflecting a โgreedโ sentiment.
Link of the chain (LINK) experienced a gain of over 54% in the last 30 days. Meanwhile, Bitcoin (btc), Avalanche (AVAX) and close protocol (NEAR) posted 30-day gains of 30%, 32% and 37.5% respectively.
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