The Solana Foundation has signed a new MOU with Dubai's Virtual Asset Regulatory Authority (VARA). The aim is to promote closer teamwork between people in the cryptocurrency industry and regulators. Key programs include training and talent development, sharing details on economic impacts and industry trends, holding seminars and advisory events for founders, and supporting the Dubai Solana Economic Area. The move represents another important step in growing Dubai's familiarity with the crypto industry.
Solana Rally in Dubai Mu
Sol's prices seem to be actively responding to the latest developments. Asset prices rose 2.7% on the daily chart and 9% in the previous month. Despite the rebounds, Sol's prices have fallen by 8% last week, 5.9% on the 14-day chart, and 3% since June 2024.
The dip could be due to the decline in Bitcoin (BTC) prices over the past few days. BTC hit a record high of $111,814 on May 22nd. The price adjustments in BTC may have caused a market-wide DIP. Sol's prices seem to follow the BTC trajectory.
The price drop in Solana (Sol) last year is surprising to many. This asset was one of the best performing cryptocurrencies of 2024. After the collapse of FTX, Sol's prices fell below $9 in 2022. Since its 2022 low, Sol has hit multiple all-time highs. Its latest peak came in January when assets rose to a new high of $293.31. Sol's prices have fallen 45.7% since its peak in January.
Will the assets be recovered?
It's likely that Sol will recover in the coming weeks. The asset has shown incredible resilience over the past few years. When BTC produces steam, you may witness another gathering.
The Solana Network is also waiting for Firedancer updates. Upgrades greatly improve network scalability. Reports show that Firedancer updates could increase the number of transactions per second to over 1 million.
