The launch of Solana Firedancer on the test network gave impetus to the growth of the value of the SOL cryptocurrency. However, there are concerns that a price correction may occur soon.

The beginning of the fourth quarter of 2023 was marked by a rapid increase in the value of the Solana cryptocurrency, which is rapidly gaining momentum and intends to challenge the dominance of ether. Since hitting the $8 floor, SOL’s price has risen more than 395%.

Over the past 30 days, SOL has grown by almost 90%, with the most significant growth rate, about 36%, observed within the last seven days. Over the same period, ether showed an increase of only 11%.

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On Thursday afternoon, November 2, SOL was trading at $43.3.

The main drivers for the growth of the investment attractiveness of the asset were the noticeable improvement in such indicators of the Solana blockchain as uptime and performance. Firedancer is a new validator client specifically designed for the Solana blockchain that can significantly improve network scalability, reduce latency, and generally increase blockchain performance by up to a million transactions per second.

However, the current price of SOL remains well below its all-time high of $260 recorded on November 6, 2021.

Despite the string of positive news, cryptanalyst Ali Martinex spoke with a warning: according to technical analysis tool TD Sequential, a price correction could occur very soon.

The TD Sequential tool is used to detect points where an asset’s price may change direction.

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Martinez believes that after SOL overcomes the $39.70 support level, the asset price could fall to $37.97. If TD Sequential’s signal is to be believed, now may be the right time to sell Solana to take profits.

Earlier, analysts from the management company VanEck said that the Solana blockchain will become the first network to reach hundreds of millions of users, and the cost of its SOL coin will rise to $3,211 by 2030.