Analyst in crypto: Solana Goes 'Illustrative Soon' As Firedancer Moves Nearer A News Via Checking discussion.
The Solana has shown a strong rebound after falling below $121 last week. From the previous low, the SOL price is up 19%. However, popular crypto analyst Daan de Rover, better known as Crypto Rover, believes that the current configuration of the Solana price points to the possibility of an even stronger upward breakout, similar to that of summer 2021.
Rover predicts that the price of Solana could surpass $800 by the end of July 2021 if it breaks above this descending trendline again. Through X, Rover asserted that "SOL will go parabolic soon." However, investors should keep a close eye on the $120 support level. A supported move beneath this could refute the bullish situation, though a solid vertical push through the triangle's upper limit could make way for the expected convention.
SOL experienced a gain of more than 1,100% by the beginning of November 2021. On a weekly timeframe, Rover's chart shows Solana's price action in the form of a descending triangle pattern similar to 2021.
Likely Impetus: Solana 2.0 Gains Significant Headway
A likely impetus for the breakout comes from the Leap Crypto group. The brand-new Firedancer client, which is being developed at the moment, is about to undergo a significant infrastructure update on the Solana network. “Full Firedancer client built its first accepted block on Solana testnet,” Jump Crypto engineer @CantelopePeel shared today via X.
In this context, a descending triangle can be thought of as a continuation pattern because it frequently results in a breakout to the upside, particularly after an earlier uptrend. SOL is currently trading around $141. The support zone at the base of the triangle is roughly between $120 and $130. Meanwhile, the price is currently contained by the ascending upper trendline.
The straightforwardness in specifying the two victories and obstacles mirrors the continuous intricacy to scale the innovation. " That needs to be fixed tomorrow! There is still a lot to do, but at least you can now see it on the blockchain! Added he.
The Firedancer client's integration into the Solana ecosystem is probably the most significant technical update to date. Mert Mumtaz, CEO of Helius Labs, stated, "Firedancer has been achieved internally," expressing his enthusiasm for the advancements made through X. Nobody is prepared for this. Accelerate.”
His comments highlight the troublesome capability of the new client. He went on to discuss the significance of this development in greater detail: Firedancer is the second version of the Solana client, which is the software that runs on nodes. It is arguably one of the most efficient pieces of open source software ever made. Solana 2.0, to put it simply.
Jump Crypto announced on Monday a new bug bounty program aimed at Firedancer v0.1, also known as Frankendancer. According to Bitcoinist, this security initiative encourages developers and ethical hackers to look for vulnerabilities in the client. The cybersecurity platform Immunefi facilitates the initiative's substantial $1 million prize fund.
SOL was trading at $142.82 as of this writing.
The Solana has shown a strong rebound after falling below $121 last week. From the previous low, the SOL price is up 19%. However, popular crypto analyst Daan de Rover, better known as Crypto Rover, believes that the current configuration of the Solana price points to the possibility of an even stronger upward breakout, similar to that of summer 2021.
Rover predicts that the price of Solana could surpass $800 by the end of July 2021 if it breaks above this descending trendline again. Through X, Rover asserted that "SOL will go parabolic soon." However, investors should keep a close eye on the $120 support level. A supported move beneath this could refute the bullish situation, though a solid vertical push through the triangle's upper limit could make way for the expected convention.
SOL experienced a gain of more than 1,100% by the beginning of November 2021. On a weekly timeframe, Rover's chart shows Solana's price action in the form of a descending triangle pattern similar to 2021.
Likely Impetus: Solana 2.0 Gains Significant Headway
A likely impetus for the breakout comes from the Leap Crypto group. The brand-new Firedancer client, which is being developed at the moment, is about to undergo a significant infrastructure update on the Solana network. “Full Firedancer client built its first accepted block on Solana testnet,” Jump Crypto engineer @CantelopePeel shared today via X.
In this context, a descending triangle can be thought of as a continuation pattern because it frequently results in a breakout to the upside, particularly after an earlier uptrend. SOL is currently trading around $141. The support zone at the base of the triangle is roughly between $120 and $130. Meanwhile, the price is currently contained by the ascending upper trendline.
The straightforwardness in specifying the two victories and obstacles mirrors the continuous intricacy to scale the innovation. " That needs to be fixed tomorrow! There is still a lot to do, but at least you can now see it on the blockchain! Added he.
The Firedancer client's integration into the Solana ecosystem is probably the most significant technical update to date. Mert Mumtaz, CEO of Helius Labs, stated, "Firedancer has been achieved internally," expressing his enthusiasm for the advancements made through X. Nobody is prepared for this. Accelerate.”
His comments highlight the troublesome capability of the new client. He went on to discuss the significance of this development in greater detail: Firedancer is the second version of the Solana client, which is the software that runs on nodes. It is arguably one of the most efficient pieces of open source software ever made. Solana 2.0, to put it simply.
Jump Crypto announced on Monday a new bug bounty program aimed at Firedancer v0.1, also known as Frankendancer. According to Bitcoinist, this security initiative encourages developers and ethical hackers to look for vulnerabilities in the client. The cybersecurity platform Immunefi facilitates the initiative's substantial $1 million prize fund.
SOL was trading at $142.82 as of this writing.
