In the thirty days that have passed since the release of Firedancer, a software solution, and the overall upswing in the cryptocurrency market, the value of Solana’s token has doubled. This week, developers, investors, and blockchain users gathered in Amsterdam for the Breakpoint conference with a Solana theme to learn about the Firedancer network testing. Solana is vying with Ethereum for a greater portion of the digital asset market by providing cheaper transaction fees and quicker processing times.
According to a recent assessment by VanEck Associates, the Firedancer update is expected to boost Solana’s current capacity by a factor of ten. Although there have been network disruptions in the past, Solana has only had one this year as opposed to 14 in 2022. The token is still only worth a small portion of the $260 it reached in 2021 during the cryptocurrency craze of the pandemic. According to some market watchers, Solana will have more competitors during the next bull cycle.
Since SOL is the altcoin with the best inflows, institutional interest in it is still high. According to data from asset manager CoinShares, SOL experienced a net influx of $67 million via exchange-traded products in October, the second-highest amount after Bitcoin. According to a recent CoinShares study of digital asset fund managers, roughly 7% of participants think Solana has the most promising growth forecast, up from 3.4% the previous year.