- Solana is set to undergo continuous upgrades and transition from “beta” to “final” version.
- Market watchers have different price targets from $500 to $1000.
April 15th was the day Solana (SOL) applied an update to alleviate network congestion. Notably, this improvement is included in the prearranged schedule for validators, preparing the mainnet network for its transition from “beta” to its final version.
The Agave validator client’s next version (2.0) is expected to be released around the beginning of July, together with other improvements.
For those unfamiliar, validators oversee Solana’s activities and authenticate (“approve”) blocks, maintaining the network’s security.
Inquired about the timeline for Solana’s full transition from its beta phase, Anatoly Yakavenko, the co-founder, shared:
“Feel free to cease referring to it as beta once we achieve having a Firedancer full node operational on the mainnet. At that point, we will have eliminated all vulnerabilities associated with single-point failures.”
On the Solana mainnet, Agave is now the leading validator client, much like how Geth functions as the primary client in the Ethereum [ETH] network’s ecosystem.
Firedancer, similar to Ethereum’s varied validator clients, serves as an alternative choice for Solana’s validator clients, reducing potential risks from relying too heavily on a single point of failure.
How will Solana’s upgrade be priced?
The value of Solana (SOL) has significantly increased due to the surge in meme activity during the last quarter. It’s likely that we’ll see a similar trend again.
Over the past weekend, there was a significant drop in the market that affected many cryptocurrencies, including Dogwifhat (WIF), which is native to Solana. Surprisingly, Dogwifhat bounced back strongly on April 14th with a rally of 31%. This could be a sign of a broader market recovery for meme coins and potentially for Solana as well.
Arthur Hayes, the founder of BitMEX, expressed optimism towards Solana following its recovery from the recent market downturn during the weekend. He made this comment publicly.
“That was the dip. Now we rip. What are we buying on the rebound, fam?”
Yet, Anonymously known cryptocurrency advocate Ansem expressed great optimism, predicting a price of $1000 for Solana (SOL) by the conclusion of this ongoing bull market.
With a good degree of assurance, you can keep this trade for the remainder of the cycle without needing to make any further ones.
It’s worth noting that Mike Novogratz from Galaxy Digital expressed the view that Solana (SOL) might not even reach half of Asimov’s predicted price ($500) under ideal circumstances.
“Is it possible for Solana’s price to reach $300, $400, or even $500? Yes, it is a possibility. However, many favorable conditions need to align for this to occur.”
Galaxies noteworthy purchase of a substantial share of FTX’s Solana tokens came with a discounted price.
Despite the ambiguity regarding if Novogratz’s “a lot has to go right” comment was about Solana’s network upgrade, the upgrade might be reflected positively in the market if it’s a favorable time for SOL.
During that time, the price of SOL hovered around $152 but experienced a 15% decrease over the last week. Nevertheless, $130 serves as an essential benchmark for bulls looking to make gains in the near future.
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2024-04-16 00:07