Solana’s Frankendancer Upgrade Goes Live, Will SOL Price Reach $420?

Solana’s Frankendancer upgrade, which incorporates elements of the Firedancer validator client, is live on the network’s Mainnet. Network validator Jump Crypto gave a live demo of this upgrade at the ongoing 2024 Solana Breakpoint conference. This provides a bullish outlook for the SOL price, which is already enjoying a bullish reversal.

Solana Frankendancer Upgrade Goes Live

Jump Crypto showed proof of life of the Frankendancer on the mainnent at the Solana Breakpoint conference. Github data also indicates that the network upgrade is ready for mainnet release, with validators set to adopt the network upgrade. The Solana Frankendancer is a major step in integrating Firedancer, which will rewrite the three functional components of the Solana Labs client.

Solana developer Helius Labs stated that the network upgrade will optimize each level for maximum performance, ensuring that validator clients can operate at full capacity. The upgrade will also help scale Solana’s bandwidth and hardware. For context, the live demo of the Frankendancer shows that the validator client can process up to 1.04 million transactions per second (tps).

Additionally, it will “document and standardize the Solana protocol.” Eventually, the aim is to ensure anyone can create a validator by glancing at the documentation without delving into the Rust validator code.

Furthermore, the Solana Frankendancer will increase validator client diversity and improve the ecosystem’s performance. This network upgrade comes just days after Solana revealed that the ZK Compression is live on its Mainnet.

Meanwhile, the full Firedancer validator client is also live on Mainnet, although in non-voting mode. Jump Crypto revealed that the non-voting mode has been up and running for about two months now. However, there was no mention of when the voting mode will go live.

SOL Price Can Reach $420

Veteran trader Peter Brandt has suggested that the SOL price can reach $420. In an X post, Brandt noted that SOL looks to have held support at $120, a price level at which it retested multiple times during this recent market downturn. Having successfully held above $120, the trader highlighted a rectangle on his chart, which he stated could become “capable of launching a sizeable advance.”

Before now, Peter Brandt indicated that a break below the $120 range could lead to massive selling pressure, sending the SOL price to the $80 support level. However, his latest analysis shows that Solana is again in bullish territory, with the coin targeting its current all-time high (ATH) of $260.

Fundamentals like the Frankendancer and Firedancer upgrade provide a bullish outlook for SOL. Solana has emerged as one of the biggest gainers following the recent crypto market recovery.

It is worth mentioning that asset manager Franklin Templeton stated that the Firedancer upgrade would solve Solana’s network issues, including downtime. In line with this, they predict that SOL will soon rank as a top 3 crypto asset alongside BTC and ETH. SOL is currently the fifth-largest cryptocurrency by market cap.