According to Messari, Solana is once again dominating the headlines in the cryptocurrency market. Over the past month, there has been a notable surge in the price of Solana and its top protocols, capturing the attention of investors and enthusiasts alike.
Notably, the Solana ecosystem has experienced substantial growth, marked by the Total Value Locked (TVL) surpassing the $1 billion milestone in November. This impressive achievement reflects a threefold increase from the beginning of the year, signaling a robust expansion in the network.
Price-wise, it kicked off the month with high momentum, consistently registering substantial gains. On November 1, SOL achieved a weekly high of $44, only to dip momentarily to the $40 range. However, bullish forces are rallying once again, with a determined push toward the $50 mark.
The peak on November 2 coincided with the Solana Breakpoint 2023 global conference in Amsterdam, where the Solana Foundation unveiled the testnet launch of Firedancer. This new client aims to enhance speed and reliability and reduce hardware requirements for validators, addressing long-standing criticisms of the layer-1 blockchain’s capabilities in parallel computing for smart contracts.
During the conference, BitMEX co-founder Arthur Hayes publicly acknowledged being a Solana investor despite initially referring to the token as “just a meme.”
The Solana Foundation has further strengthened its position in the market by announcing the availability of its network dataset on Google Cloud BigQuery on October 31. This move allows developers and companies to access archival data and analytical insights transparently and securely.
Bullish Sentiment: A Positive Outlook for Solana
According to the latest data from CoinMarketCap, SOL’s current price stands at $44.39, with a 24-hour trading volume of $1,233,322,455, reflecting a 25% decrease. It has experienced a 1.96% increase in the last 24 hours, securing its position as the seventh-largest cryptocurrency with a live market cap of $18 billion. The circulating supply of SOL coins is reported to be 420,895,222.
In addition to the quantitative metrics, Market Prophit, a platform ranking financial crypto bloggers, indicates a bullish sentiment for SOL. Both the crowd sentiment and smart money sentiment, as analyzed by Market Prophit, align in favor of a positive outlook for Solana, further bolstering the optimistic narrative surrounding the blockchain network.
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