Solana Reaches 15 Months High: Find Out Why
Solana soars 81% in a month, outshining Ethereum's 11% gain. Firedancer's testnet launch drives the rally, but concerns linger
Solana has surged 81% in the last month and over 30% in the past week, reaching levels not seen since August 2022. This performance has out performed Ethereum, which only gained about 11% in the same time. Despite the recent gains, Solana is still down about 84% from its all-time high in November 2021.
Solana's recent success is partly due to the testnet launch of Firedancer, a scaling solution aimed at improving speed, reliability, and validator diversity. It's considered a long-term fix to address Solana's past network outage problems. Firedancer is set for a mainnet launch in the first half of 2024.
Despite the positive sentiment around Solana, there are concerns about selling pressure as significant amounts of SOL tokens were unstaked and moved to unknown wallets. Meanwhile Bitcoinand other altcoins, like Chainlink, Avalanche, and Near Protocol, have also seen strong price rallies over the past month as the overall crypto market sentiment turned positive.
Crypto Fear and Greed Index reflected this positive sentiment, rising to 72 out of 100, indicating "greed" in the market.
Below is a chart showing Solana's Price movement in the past 7 days https://coinpaprika.com/coin/sol-solana/
