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Solana v.1.16 Update Rolls Out, SOL Reclaims 9th Spot in Crypto Market Cap Rankings

source-logo  coincodex.com 28 September 2023 12:50, UTC

Key highlights:

  • Version 1.16 brings under-the-hood tweaks that should speed up Solana nicely and well.
  • Things like improved zero-knowledge math, disk space savings, and lighter networking mean users and validators alike get a smoother experience. After nearly a year in development, these changes will help SOL fly like the wind.
  • With technical signals flashing green and big hackathons firing up innovation, analysts predict a 25% price pop for SOL this October.

The Solana network validators have begun adopting the v1.16 update, bringing with it several important upgrades and optimizations under the hood. But SOL's resilience was tested recently as another project briefly surpassed it in the crypto rankings - only for Solana to swiftly reclaim its spot.

What's new in the v1.16 update?

As outlined in the official announcement from Solana Labs, v1.16 includes nearly ten months of development work. Among the notable changes, it improves support for advanced zero-knowledge math that enables technologies like confidential transfers. This paves the way for more privacy-oriented decentralized applications to be built on Solana.

Other performance tweaks optimize how ledger data is cleaned up to reduce disk usage. The peer sampling method for gossip messaging was overhauled as well, lessening the bandwidth needed at startup. Validators will also see reduced memory consumption now that the index of the account resides directly on disk by default.

Thorough testing by canaries and volunteers

To ensure quality, v1.16 underwent vigorous testing. This included months on the public testnet with regular stress testing. Solana Labs also ran "canary" nodes on the mainnet to monitor stability in real-world conditions. Plus, volunteers helped validate the update earlier by deploying it months ago - this led to swift fixes for minor issues.

With robust auditing and review from multiple parties, the update is poised to seamlessly supercharge the Solana blockchain. Its smooth rollout shows how the network prioritizes reliability through open collaboration.

SOL reclaims its rightful spot in the rankings

Just as v1.16 was preparing for launch, another player in the crypto sphere nearly stole Solana's thunder. The TON project briefly overtook SOL as the 9th largest project. But like a sly matador in a bullfight, SOL quickly sidestepped the challenger and retook its spot.

As explained in the recent CoinCodex article, Solana is in the process of breaking out of its downtrend. With key technical signals flashing green, the analyst projects a 25% price increase for SOL this October. And with big developments like the Hyperdrive Hackathon stoking innovation, SOL's position only looks more secure.

Santana estimates SOL has the potential for a 25% price increase by October based on its technical signals. That bullish forecast is looking prescient as SOL has already bounced up slightly over the last 24 hours to $19.22. As the network shows continued progress like the v1.16 update, optimism around SOL's long-term prospects remains high. Check out Solana's price prediction for 2040-2050.

While competition from ambitious projects will surely continue, Solana has proven time after time that it has the fundamental strength, developer mindshare, and ongoing upgrades to stay among the crypto elite.