- Solana’s Firedancer client inched closer to a mainnet debut after a successful testnet trial.
SOL climbed above 200-day SMA, but buying pressure wasn’t strong enough.
As a crypto investor with experience in the Solana (SOL) ecosystem, I’m excited about the recent progress of Jump Crypto’s Firedancer client on the testnet. The successful acceptance of its first block is an important step towards increasing Solana’s speed and decentralization.
As a Solana [SOL] investor, I’m excited to share that Firedancer, the new and independent validator client for our blockchain, has achieved an important milestone on the testnet. In a recent update, the anonymous engineer Cantalope Peel announced, “We’ve hit a significant checkpoint in our development journey.” This progress is essential for enhancing Solana’s network security and efficiency.
‘Full Firedancer client built its first accepted block on Solana testnet.’
Jump Crypto is leading the development of Firedancer, aiming to enhance the network’s speed and decentralization.
Validator clients play a crucial role in blockchain networks by performing two key functions: validating transactions and adding new blocks to the chain. They ensure the network’s security and decentralization by verifying the authenticity of transactions and maintaining consensus among other nodes.
As a crypto investor in Solana, I’m excited about the upcoming addition of Jump Crypto’s Firedancer as the third validator client on the network. This expansion brings more diversity to the client base and significantly enhances Solana’s decentralization.
Firedancer, which has gained recognition as a potential improvement over QUIC, a data transfer protocol backed by Google that has encountered setbacks and hindered Solana transaction processing in the past.
As a researcher, I’m excited to share that our testnet is eagerly anticipating its transition to the mainnet by Q4 2024. This is no longer a question of “if,” but rather a matter of “when.”
Solana market after Firedancer update
Following the Firedancer update, significant purchase orders for SOL surged on leading centralized exchanges, potentially seeking to capitalize on the buzz.
As a crypto investor, I’ve noticed that Solana (SOL) has managed to hold its ground above the 200-day Simple Moving Average (SMA) for two consecutive days as of now. The altcoin is currently priced at $143, and if it manages to maintain this level above $141.5, we could potentially see further gains.
Since early June, the RSI or Relative Strength Index has had a hard time staying above its average value. Currently, it hovers around the neutral mark at press time. Initially, the bullish objective was set at $155, but this target might face challenges due to the RSI’s recent struggle.
Although the bullish recovery was underway, there wasn’t enough demand from buyers to significantly advance SOL‘s price.
As a crypto investor, I observed that the technical indicators showed a neutral reading for Solana (SOL) prices. This equivocated situation implied that the SOL price could potentially rise or fall based on other market factors.
Recently, SOL received a boost from investors speculating in ETFs, with some analysts predicting a price target of $1200 by 2025. However, it remains unclear how the Firedancer update will impact SOL’s market price.
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2024-07-10 22:15