After an 85% increase in one month, Solana’s SOL token has recorded the best performance of the top 10 cryptocurrencies over this period. What are the reasons for this momentum?
Solana’s SOL up 85% in one month
After a complicated 2022, symbolized by a fall of almost 97% between its all-time high of November 6, 2021 and a return to $8 on December 29, 2022, Solana’s SOL has been regaining color in recent months.
And with good reason, the asset has recorded an 85% performance in the space of a month, offering itself the best performance of the top 10 cryptocurrencies over the same period.
From $9.66 on January 1 to $43.07 at the time of writing, SOL has risen by some 350% in 10 months.
In addition to the good health of the crypto ecosystem in recent months, these results can be explained in several ways. Firstly, it should be remembered that the token suffered more overall than other major market assets during the bear market, given the links between Solana and FTX that could have sounded the death knell for blockchain.
However, it seems that the project teams were able to cope, enabling SOL to regain some of the ground it had lost.
A network that’s finally gaining in reliability?
Although the network has often been criticized for its lack of reliability, leading to regular outages, it’s worth pointing out that the blockchain has only had one major outage this year, lasting almost 19 hours on February 25.
By way of comparison, Solana recorded 11 major outages in 2022, including 3 of a lesser scale, the majority of which occurred in January.
To try and make the network more reliable, with these incidents often caused by problems with validators, Jump Crypto is developing a new client.
Called Firedancer, it has been in testnet since this week, and will enable validators to diversify their software:
The first version of @jump_firedancer
Live on testnet.
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
– Solana (@solana) October 31, 2023
Note that the multi-client strategy has already been adopted by Ethereum (ETH), considerably reducing the prospect of a blockchain shutdown should any of the software used by validators fail.
Despite this positive momentum around SOL, it’s important not to give in to the fear of missing out (FOMO) syndrome and bear in mind that a correction could occur at any time, especially as FTX still owns a large share of the token.
