Solana's SOL Token Soars to 14-Month High Amid Breakpoint Conference
Solana's native token is soaring to the highest since August 2022 as a flurry of announcements have dropped during the Layer 1 blockchain's largest conference.
By: Camila Russo •Crypto News
Solana's native token is soaring to an 14-month high as the Layer 1 blockchain's largest conference gets under way.
SOL climbed by over 20% to as high as $45.3 Wednesday, the highest level since August 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 in Amsterdam. The event stared Oct. 30 and ends Nov. 3.
Significant developments include Firedancer - the ground-up rebuild of a Solana client by Jump Crypto is now live on test net.
Also, 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Notably, market players seem to be overlooking the fact that FTX controllers have withdrawn 1.6M SOL tokens.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.