[TheDefiant]
Solana's native token is soaring to an 18-month high as a flurry of announcements have dropped during the Layer 1 blockchain's largest conference.
SOL climbed by over 20% to as high as $45.3 Wednesday, the highest level since May 2022, when crypto was cooling off from its latest bull market. The token is still down 83% from its all-time high of just under $260, according to Coingecko.
The soaring price follows a series of announcements Solana-based developers and teams have made at the blockchain's Breakpoint conference.
Significant developments include, Firedancer – the ground-up rebuild of a Solana client by Jump Crypto is now live on test net.
The first smart wallets on Solana have gone live, thanks to the efforts of Fuse Wallet. Solana's founder, Anatoly Yakovenko, equated this progress to account abstraction on Solana.
Solana data has also been integrated with Google Cloud BigQuery, Google Cloud's serverless data warehouse that is known for its machine learning, AI, and business intelligence capabilities.
Adding to the rising optimism around the token is a recent report by VanEck. The investment firm predicts that by 2030 SOL could reach $3,211, outshining anticipated returns from Ethereum.
The rally also comes as Sam Bankman-Fried’s trial is underway. While the disgraced FTX founder who was instrumental in supporting the Solana ecosystem is under scrutiny, it looks as if investors are now ready to move past that black spot and focus on the network's potential.
Notably, market players seem to be overlooking the fact that FTX controllers have withdrawn 1.6M SOL tokens. Although these tokens have not been sent to an exchange yet, the transfer could indicate future sales, injecting some caution into the buoyant market.
The flurry of developments and the promise of hefty returns are undoubtedly playing a part in driving Solana's token to its 18-month high. Whether it can sustain this level of growth, however, depends on several factors, not least of which are the outcomes of Bankman-Fried’s trial and the prospective utilization of the withdrawn tokens.
Read the original post on The Defiant
undefined