The Chief Executive Officer of Helius, Mert Mumtaz, has announced plans to launch the next mainnet version of Solana. It has been titled v1.18 and is all set to launch on May 27, 2024. The date is said to be tentative, contingent on how things work out until the very end. The goal of launching Solana’s next mainnet version is to address congestion concerns. For some time, it has affected the network’s efficiency and performance.
It is expected that the launch will not just address those issues; it will also improve the overall functionality of the platform.
Mert is optimistic about the update and the planned release date. They added that the community is anticipating the launch while endeavoring to enhance the product’s performance, stating that everything must run smoothly to reach the deadline.
The announcement has worked well for SOL, the native token of Solana. It was listed at $158.54 at the time of writing this article, up by 1.93% in the last 24 hours. There is speculation that SOL could soon reach the $200 milestone. There are two factors supporting this thesis: Bitcoin Halving and the upcoming mainnet launch. Bitcoin Halving is believed to have an impact on the entire crypto market. The mainnet launch, however, will specifically help the community drive a bull run.
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Solana is also up 12.22% in the last 7 days, setting a similar tone for 24-hour volume and market cap. These are up by 7.07% and 1.80%, respectively.
That said, Solana could soon face an auction of its tokens through FTX Estate. The bankrupt venture plans to shed some weight to make survival easier. It builds on the previous method of selling SOL tokens. FTX previously sold SOL worth $1.9 billion and a total of $2.6 billion. The crypto market will certainly respond to the auction. What remains to be seen is whether Bitcoin Halving will help the platform ease that pressure.
As of now, Bitcoin has not seen a massive surge, but it is on track to reach the $100k milestone by the end of 2024. BTC is currently exchanging hands at $66,703.00, up by 0.30% in the last 24 hours. It also reflects a 3.80% rise in the last 7 days and a 1.80% drop in the last 30 days. BTC forecast estimates that the token may end in 2024 on a higher note of $100k.
Altcoins and meme coins are waiting to experience the impact of Bitcoin Halving too. It has already slashed the rewards for miners and made circulation scarce.
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SOL could soon see a rise, potentially touching the mark of $200 by the end of this year. The launch of Mainnet v1.18 will fuel the rise effective May 27, 2024, assuming all factors align favorably to help launch the update on time.
