- Solana developers have introduced a major congestion fix into the network.
- The congestion solution has helped set the coin’s path toward the $500 benchmark.
The news of Solana (SOL) transitioning from its “beta” to its “final” version has sparked enthusiasm among investors, with predictions that the cryptocurrency could see its price reaching $500 soon. Solana’s transition to its final version follows a recent deployment of a patch to ease congestion problems on the network.
Timeline for Solana’s Transition from Beta
When asked about the timing for Solana’s move from beta to mainnet, Anatoly Yakovenko, co-founder of Solana Labs, claimed that the switch would occur after a Firedancer full node functions on the mainnet.
“I think the right time to do it is when a firedancer full node is running on the mainnet. Then all the single points of failure have been removed,” says Yakovenko.
Designed by Jump Crypto, the firedancer is a new validator client that aims to alleviate Solana’s transaction speed restrictions. The new validator client features a fully new codebase tuned for maximum performance. This results in faster transaction processing speeds for Solana.
While Agave is currently the dominant validator client on the Solana mainnet, just like Ethereum’s diversified validator clients, Firedancer will be Solana’s alternative option for validator clients to minimize single points of failure.
Overall, Firedancer is anticipated to help grow Solana as the network expands and attracts new users and applications. By providing scalability, dependability, and security, Firedancer creates the groundwork for Solana to thrive as a premier blockchain platform in the long run.
Impact of Solana’s Upgrade on SOL
Despite recent congestion issues faced by the Solana blockchain, Andre Cronje, the co-founder of Fantom blockchain has expressed support for the ecosystem. Citing earlier statements from Crypto News Flash, Cronje argues that the congestion is caused by rapid expansion in the ecosystem rather than a flaw in the network.
At the time of writing, SOL is trading at $136.41, down by 11.9% in the past day. The market capitalization and trading volume have also decreased by 12% to $61.9 billion and $5.3 billion respectively.
While this decline is notable and suggests volatility in the price of SOL, Arthur Hayes, BitMEX founder is bullish on the cryptocurrency. He stated, That was the dip. Now we rip. What are we buying on the rebound fam?
Adding to the bullish sentiment of SOL is Ansem, a well-known pseudonymous crypto influencer with a huge following on X. Ansem has set a price target of $1000 for SOL.
However, Galaxy’s Digital’s Mike Novogratz stated in a YouTube interview that SOL could only hit $500, half of Ansem’s projection if things were right. It is important to note that $130 remains crucial support if bulls are to push forward in the short term. As formerly reported by Crypto News Flash, crypto trader Peter Brandt suggests Solana could double in value if it beats Ethereum’s resistance level in the coming weeks.
