Solana’s scaling solution, Firedancer, is being hailed as a long-term fix for the blockchain’s previous network outages. The launch of Firedancer has contributed to SOL’s impressive price rally, with gains of nearly 81% in the past 30 days. In comparison, Ethereum has only seen gains of under 11% during the same period. SOL-related investment products have also witnessed significant inflows in recent weeks. However, SOL is still down around 84% from its all-time high in November 2021. The mainnet launch of Firedancer is scheduled for the first half of 2024 and is expected to enhance speed, reliability, and validator diversity on the Solana network. Despite the positive developments, concerns have been raised about potential selling pressure as large amounts of SOL have been unstaked and moved to unknown wallets. Other altcoins, such as Chainlink, Bitcoin, Avalanche, and Near, have also experienced strong price rallies in the past month.
