Cryptocurrency of a Ukrainian developer has shown phenomenal growth

The launch of Solana Firedancer on the test network has given an impetus to the growth of the SOL cryptocurrency. In a week, the value of the Ukrainian developer’s digital asset increased by 18.9%.

Since reaching the lower threshold of $ 8, the price of SOL has increased by more than 395%. At the time of writing, Solana is trading at $ 38.98. Over the past 30 days, the cryptocurrency has risen by 69%. On Thursday afternoon, November 2, SOL was trading at $ 43.3.

The main drivers of the asset’s growth in investment attractiveness were a noticeable improvement in Solana’s blockchain indicators such as uptime and performance. Firedancer is a new validator client developed for the Solana blockchain that significantly improves network scalability, reduces latency, and generally increases blockchain performance to a million transactions per second.

Nevertheless, the current price of SOL remains well below its all-time high of $ 260, recorded on November 6, 2021. Despite a number of positive news, crypto analyst Ali Martinez warned that a price correction may soon occur, according to the TD Sequential technical analysis tool. The TD Sequential tool is used to identify points at which an asset’s price may change direction.

Martinez believes that after SOL overcomes the support level of $ 39.70, the asset’s price may fall to $ 37.97. According to TD Sequential’s signal, now is the best time to sell Solana to take profits. Earlier, VanEck analysts said that the Solana blockchain will be the first network to reach hundreds of millions of users, and the value of its SOL coin will increase to $ 3211 by 2030.