The Solana price has dipped today to $143.82, marking a 1% decline in 24 hours as the cryptocurrency market as a whole barely moves.
SOL remains up by 9% in a week, and while it’s down by 7% in a month the past few days have seen the launch of a prototype of its new Firedancer validator client.
Once fully deployed, Firedancer will improve Solana’s scalability and reliability, with the recently launched test version already clocking more than 1.4 million transactions per second.
Given Solana’s existing size, speed and popularity, the new validator could see it pose a real risk to Ethereum’s status as the biggest layer-one network in crypto, while helping pushing the Solana price to new heights.
Solana Price Analysis: Firedancer Launch Could Be a Game-Changer for SOL
Solana’s indicators are a little mixed today, struggling to recapture some of the stronger momentum we saw last week.
For instance, its 30-period moving average (orange) had risen above the 200-period average (blue) on the 19th, but it now looks as though it’s losing impetus and could fall below the longer term average soon.
Source: TradingViewLikewise, its RSI (purple) dipped to 30 last night and, despite a brief resurgence this morning, has dropped below 50 again.
This would suggest that SOL is a near-term transitional phase, with traders unsure of where it could be going next.
But while the Solana price may sink a little further in the next one or two days, the medium- and long-term picture remains overwhelmingly positive.
As mentioned above, the test version of the upcoming Firedancer validator launched last week, deployed by Jump Crypto and dubbed Frankendancer.
It’s now regularly topping 1 million transactions per second, while improving on Solana’s reliability, which in recent years has been an issue.
Not only did Solana suffer numerous outages in 2022 (and one this year), but it continues to see a high proportion of failed transactions, particularly in comparison with Ethereum.
However, Firedancer will address such concerns, by diversifying Solana’s codebase and also laying foundations for sharing.
Such improvements will put Solana in a great position to continue expanding, with its blockchain already being the third-biggest in the sector in terms of value locked in.
By extension, we’re likely to witness greater demand for SOL, which will certainly push up the Solana price over time.
It could hit $200 by the end of November and $250 by the end of the year.
New Alts with Fundamentals Also Show Strong Potential Upside
Solana one of the most promising major tokens in the market right now, but traders looking to widen their portfolios would also do well to consider some smaller cap alts as well.
This should include recently launched tokens, as well as presale coins, which often outperform the market when they first list.
One of the most interesting presale coins at the moment is Memebet Token (MEMEBET), an Ethereum-based cryptocurrency that has raised $250,000 after launching its sale a couple of weeks ago.
Due to launch very soon, Memebet will combine an online crypto-friendly casino with its own native MEMEBET token, which will enable users to earn greater rewards if they place bets using it.
Its casino will offer more than 1,000 crypto-native games to play, as well as the ability to bet on a wide variety of sporting events.
In addition to placing bets with MEMEBET, users will also be able to deposit and withdraw using established meme coins such as Pepe, Dogecoin, Bonk and Shiba Inu.
As well as a web-based casino, Memebet will also be launching a KYC-free Telegram casino, making signing up more accessible.
Joining the coin’s sale is easy, with investors simply needing to go to the official Memebet Token website and connect their wallets.
1 MEMEBET currently costs $0.0253, with this price rising by $0.001 with every new stage of the sale.
It’s encouraging to note that Memebet has already grown a sizeable online community, with its X account now having over 13,000 followers.
This suggests it could rally big once it launches its casino and lists its coin on trading platforms.
Check Out MEMEBET Here
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