Solana’s native token SOL has surged to new heights not seen since February, driven by a resurgence in community confidence surrounding a major network proposal.
According to data from CryptoSlate, SOL briefly surpassed $215 this week, marking a 6% increase in the past 24 hours before settling at $214 at the time of writing. This rally propelled the token to its highest level since early February, when it was last trading near $216.
Retail sentiment has taken a sharp turn towards optimism, with investors posting nearly six bullish comments for every bearish one. This ratio is the highest recorded in over two months, indicating a strong positive outlook among the community.
Despite a slowdown in activity on Solana’s decentralized exchanges, the price momentum continues to climb. Data from a Dune Analytics dashboard reveals a more than 80% drop in daily active traders since January’s peak driven by memecoins, with user numbers consistently below the one million mark for four consecutive days. This decline highlights a shift in focus among retail investors towards alternative blockchains like Ethereum.
The recent price surge coincides with early community support for the SIMD-0326 Alpenglow proposal, touted as one of the most significant consensus upgrades in Solana’s history. The proposal aims to streamline the network’s architecture by eliminating legacy components such as Proof of History, Tower BFT, and gossip-based vote propagation.
If approved, the upgrade would reduce block finalization times to approximately 150 milliseconds, aligning Solana with other high-speed platforms tailored for trading applications. Co-founder Anatoly Yakovenko has actively encouraged the community to back the proposal, emphasizing its importance in advancing the network.
Preliminary voting data indicates strong support for Alpenglow, with 11.6% of Solana stakers endorsing the change and only 0.1% opposing it. Around 100 validators have already cast their votes, signaling a growing confidence in Solana’s ability to deliver enhanced performance and scalability.
In terms of market data, Solana currently ranks #6 by market cap, with a market capitalization of $114.74 billion and a 24-hour trading volume of $13.57 billion. The total crypto market is valued at $3.91 trillion, with a 24-hour volume of $174.05 billion and Bitcoin dominance at 57.50%.
Overall, the community’s response to the Alpenglow proposal reflects a positive outlook for Solana’s future growth and development, despite the recent shift in retail trading activity. The network’s ability to adapt and innovate continues to garner support and confidence from investors and stakeholders alike.