Solana Price Analysis: Firedancer Launch Could Be a Game-Changer for SOL
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Solana price has dipped today to $143.82, marking a 1% decline in 24 hours as the cryptocurrency market as a whole barely moves.
SOL remains up by 9% in a week, and while it’s down by 7% in a month the past few days have seen the launch of a prototype of its new Firedancer validator client.
Once fully deployed, Firedancer will improve Solana’s scalability and reliability, with the recently launched test version already clocking more than 1.4 million transactions per second.
Given Solana’s existing size, speed and popularity, the new validator could see it pose a real risk to Ethereum’s status as the biggest layer-one network in crypto, while helping pushing the Solana price to new heights.
Solana’s indicators are a little mixed today, struggling to recapture some of the stronger momentum we saw last week.
For instance, its 30-period moving average (orange) had risen above the 200-period average (blue) on the 19th, but it now looks as though it’s losing impetus and could fall below the longer term average soon.
Likewise, its RSI (purple) dipped to 30 last night and, despite a brief resurgence this morning, has dropped below 50 again.
This would suggest that SOL is a near-term transitional phase, with traders unsure of where it could be going next.
But while the Solana price may sink a little further in the next one or two days, the medium- and long-term picture remains overwhelmingly positive.
As mentioned above, the test version of the upcoming Firedancer validator launched last week, deployed by Jump Crypto and dubbed
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