{"id":558586,"date":"2023-11-01T12:00:49","date_gmt":"2023-11-01T12:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=558586"},"modified":"2023-11-01T11:43:32","modified_gmt":"2023-11-01T11:43:32","slug":"solana-sol-breaks-multi-month-trend-firedancer-testnet","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-sol-breaks-multi-month-trend-firedancer-testnet\/","title":{"rendered":"Solana (SOL) Breaks Multi-Month Trend As Firedancer Hits Testnet"},"content":{"rendered":"

The Solana price is currently experiencing a breathtaking rally. Since marking a bottom below $8 on December 29, the SOL price has risen more than 395%. And news from the Solana Breakpoint conference, which is currently being held in Amsterdam from October 30 to November 3, 2023, further fueled the price yesterday. In the last 24 hours, the price has risen 7.5%, and a whopping 23% in the last seven days.<\/p>\n

Firedancer Launched On Solana Testnet<\/h2>\n

Central to the current excitement is the launch of Firedancer on Solana’s testnet. This new validator client, designed for the Solana blockchain, promises to significantly improve the scalability of the network, diminish latency times, and overall enhance network performance.<\/p>\n

The brain behind Firedancer Solana is Jump Crypto, a division of the Jump Trading Group, dedicated to pioneering solutions in the blockchain space. Their vision for Firedancer is comprehensive. It is designed to refine the Solana network across all tiers, starting from its foundational consensus mechanism to its broadest performance metrics. Ultimately, Firedancer aims to scale Solana to one million transactions per second (TPS).<\/p>\n

Related Reading: Solana Flying, Bulls Reverse Post-FTX Collapse Losses But SOL Analysts Cautious<\/a><\/div>\n

Highlighting the criticality of Firedancer to the future roadmap of Solana, Dan Albert, Executive Director of the Solana Foundation, proclaimed during his live stage appearance at the conference, “These guys have been hustling hard. Really did a lot of work, working around the clock in the last couple of weeks and I am really excited to announce that right now the first version of Firedancer is live on testnet.”<\/p>\n

\n

\ud83d\udd25\ud83d\udc83 The first version of @jump_firedancer<\/a>
\n\ud83d\udd25\ud83d\udc83 Live on testnet.
\n\ud83d\udd25\ud83d\udc83 Right now.<\/p>\n

Watch @DanPaul000<\/a> share the news live on the @SolanaConf<\/a> stage.<\/p>\n

Only at #Breakpoint2023<\/a>. Watch the livestream: https:\/\/t.co\/51G659GtUO<\/a> pic.twitter.com\/llaHoiendH<\/a><\/p>\n

\u2014 Solana (@solana) October 31, 2023<\/a><\/p><\/blockquote>\n

Validating this enthusiasm, Raoul Pal, CEO and co-founder of Real Vision Group and former Goldman Sachs executive, expressed his bullish outlook, stating<\/a>:<\/p>\n

Firedancer is a VERY big deal, not just for Solana but for blockchain technology overall. It is a quantum leap in speed (10x faster than the fastest blockchain today) whilst increasing security and robustness of the Solana Virtual Machine [SVM]. We’re eagerly awaiting its migration to Mainnet in the summer of 2024.<\/strong><\/p><\/blockquote>\n

Pal further encapsulated the potential of Solana and Firedancer in a recent conversation<\/a> with Scott Melker. He opined, \u201cI\u2019ve been observing the charts, particularly Solana versus ETH (SOL\/ETH) and Solana versus Bitcoin (SOL\/BTC), and it unmistakably resembles a rocket ship in its ascent. It’s truly astonishing.”<\/p>\n

Related Reading: FTX Transfers $150M In Assets, Including Ethereum And Solana, Amid Bankruptcy<\/a><\/div>\n

SOL Price Breaks Multi-Month Trend<\/h2>\n

However, in the midst of this euphoria, some analysts urge caution. With SOL’s price surging to touch a 1-year high of $39.88 yesterday, analyst Pentoshi offered a sobering perspective, noting, \u201cSOL takes out these equal highs at the top of the range and in the next couple weeks likely a chance to refuel at the mid-range at $32.xx.”<\/p>\n

\"Solana
SOL\/USDT, 1-day chart | Source: X @Pentosh1<\/figcaption><\/figure>\n

In addition, the 1-day chart shows that SOL broke out of an ascending trend channel (black) in a very bullish manner. SOL rose yesterday above the late October high of $38.78, which the price marked just before it plummeted in the wake of FTX’s collapse, losing more than 68% in four days.<\/p>\n

The next few days will be all about closing above $38.78 for the SOL bulls. If this succeeds, the Fibonacci extension level of 1.618 at $57.85 could be the next major target. Otherwise, a correction toward the 0.786 Fibonacci retracement level at $32.18 could be in the cards.<\/p>\n

\"Solana
SOL price breaks out, 1-day chart | Source: SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Solana price is currently experiencing a breathtaking rally. Since marking a bottom below $8 on December 29, the SOL price has risen more than 395%. And news from the Solana Breakpoint conference, which is currently being held in Amsterdam from October 30 to November 3, 2023, further fueled the price yesterday. In the last 24 hours, the price has risen 7.5%, and a whopping 23% in the last seven days. Firedancer Launched On Solana Testnet Central to the current excitement is the launch of Firedancer on Solana’s testnet. This new validator client, designed for the Solana blockchain, promises to significantly improve the scalability of the network, diminish latency times, and overall enhance network performance. The brain behind Firedancer Solana is Jump Crypto, a division of the Jump Trading Group, dedicated to pioneering solutions in the blockchain space. Their vision for Firedancer is comprehensive. It is designed to refine the Solana network across all tiers, starting from its foundational consensus mechanism to its broadest performance metrics. Ultimately, Firedancer aims to scale Solana to one million transactions per second (TPS). Related Reading: Solana Flying, Bulls Reverse Post-FTX Collapse Losses But SOL Analysts Cautious Highlighting the criticality of Firedancer to the future roadmap of Solana, Dan Albert, Executive Director of the Solana Foundation, proclaimed during his live stage appearance at the conference, “These guys have been hustling hard. Really did a lot of work, working around the clock in the last couple of weeks and I am really excited to announce that right now the first version of Firedancer is live on testnet.” \ud83d\udd25\ud83d\udc83 The first version of @jump_firedancer \ud83d\udd25\ud83d\udc83 Live on testnet. \ud83d\udd25\ud83d\udc83 Right now. Watch @DanPaul000 share the news live on the @SolanaConf stage. Only at #Breakpoint2023. Watch the livestream: https:\/\/t.co\/51G659GtUO pic.twitter.com\/llaHoiendH \u2014 Solana (@solana) October 31, 2023 Validating this enthusiasm, Raoul Pal, CEO and co-founder of Real Vision Group and former Goldman Sachs executive, expressed his bullish outlook, stating: Firedancer is a VERY big deal, not just for Solana but for blockchain technology overall. It is a quantum leap in speed (10x faster than the fastest blockchain today) whilst increasing security and robustness of the Solana Virtual Machine [SVM]. We’re eagerly awaiting its migration to Mainnet in the summer of 2024. Pal further encapsulated the potential of Solana and Firedancer in a recent conversation with Scott Melker. He opined, \u201cI\u2019ve been observing the charts, particularly Solana versus ETH (SOL\/ETH) and Solana versus Bitcoin (SOL\/BTC), and it unmistakably resembles a rocket ship in its ascent. It’s truly astonishing.” Related Reading: FTX Transfers $150M In Assets, Including Ethereum And Solana, Amid Bankruptcy SOL Price Breaks Multi-Month Trend However, in the midst of this euphoria, some analysts urge caution. With SOL’s price surging to touch a 1-year high of $39.88 yesterday, analyst Pentoshi offered a sobering perspective, noting, \u201cSOL takes out these equal highs at the top of the range and in the next couple weeks likely a chance to refuel at the mid-range at $32.xx.” In addition, the 1-day chart shows that SOL broke out of an ascending trend channel (black) in a very bullish manner. SOL rose yesterday above the late October high of $38.78, which the price marked just before it plummeted in the wake of FTX’s collapse, losing more than 68% in four days. The next few days will be all about closing above $38.78 for the SOL bulls. If this succeeds, the Fibonacci extension level of 1.618 at $57.85 could be the next major target. Otherwise, a correction toward the 0.786 Fibonacci retracement level at $32.18 could be in the cards. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":558588,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[89764,12837,86420,83626,85361],"class_list":["post-558586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-firedancer","tag-sol","tag-sol-price","tag-solana","tag-solana-price"],"acf":[],"yoast_head":"\nSolana (SOL) Breaks Multi-Month Trend As Firedancer Hits Testnet<\/title>\n<meta name=\"description\" content=\"The Solana price is currently experiencing a breathtaking rally. In the last 24 hours, the price has risen 7.5%. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana (SOL) Breaks Multi-Month Trend As Firedancer Hits Testnet","url":"http:\/\/wncen.com\/news\/solana\/solana-sol-breaks-multi-month-trend-firedancer-testnet\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana\/solana-sol-breaks-multi-month-trend-firedancer-testnet\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2150664037.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2150664037.jpg?fit=6023%2C4015"},"articleSection":"Solana","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["firedancer","sol","sol price","solana","solana price"],"dateCreated":"2023-11-01T12:00:49Z","datePublished":"2023-11-01T12:00:49Z","dateModified":"2023-11-01T12:00:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana (SOL) Breaks Multi-Month Trend As Firedancer Hits Testnet\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-sol-breaks-multi-month-trend-firedancer-testnet\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-sol-breaks-multi-month-trend-firedancer-testnet\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_2150664037.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_2150664037.jpg?fit=6023%2C4015\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"firedancer\",\"sol\",\"sol price\",\"solana\",\"solana price\"],\"dateCreated\":\"2023-11-01T12:00:49Z\",\"datePublished\":\"2023-11-01T12:00:49Z\",\"dateModified\":\"2023-11-01T12:00:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2150664037.jpg?fit=6023%2C4015","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/558586"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=558586"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/558586\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/558588"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=558586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=558586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=558586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}