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Solana launches scalable solution and surges 80% in a month

Solana launches scalable solution and surges 80% in a month

Solana (SOL) has experienced an approximately 80% increase in the past month. Additionally, the cryptocurrency has risen by more than 30% in a week, coinciding with the launch of the long-awaited blockchain scaling solution's testnet, Firedancer. Firedancer is considered a long-term solution to the once frequent blockchain outages.

On November 1, 2023, SOL reached over $43 (€41), reaching a peak not seen since August 2022.

During Solana's Breakpoint conference on October 31, Dan Albert, Director of the Solana Foundation, announced the launch of Firedancer. Web3 development company Jump Crypto has been working on building this test network since August 2022.

Firedancer is a new validator client for the network, focusing on increasing speed, reliability, and validation diversity. The mainnet launch is planned for the first half of 2024. Firedancer is seen as a long-term solution to the network outage issues Solana has faced in the past.

In 2022, Solana experienced 14 partial or major outages, but with only one major outage in 2023, it appears that this trend is coming to an end.

Other altcoins also saw strong price increases in November. For example, ChainLink (LINK) saw a rise of over 35% this month, Near Protocol (NEAR) increased by approximately 25%, and Avalanche (AVAX) rose by about 20% this month.