As a crypto investor with experience in the market, I’m keeping a close eye on Solana (SOL) after its recent price rebound following a local low. The strong potential for an upward breakout, as suggested by popular crypto analyst Crypto Rover, is particularly intriguing.
Last week, the Solana’s price dipped below the $121 mark but has since bounced back with a vengeance. The cryptocurrency’s value has risen by nearly 19% from its recent low. Notably, prominent crypto analyst Daan de Rover, or Crypto Rover, anticipates that this price recovery could be just the beginning. He believes there is a strong possibility of an even more significant upward surge, reminiscent of the one witnessed during the summer of 2021.
Between late July 2021 and early November 2021, there was a significant surge in Solana’s price, with an increase of over 1,100%. Rover’s presented chart illustrates this trend on a weekly basis, revealing the emergence of a triangle pattern that resembles the one formed earlier in 2021.
In this context, a descending triangle represents a potential continuation pattern for SOL‘s price action. Typically, such formations occur after an uptrend and may signal a breakout to the upside once the price breaks through the resistance level formed by the triangle’s upper trendline. At present, SOL is hovering around $141, while the support zone, defined by the base of the triangle, lies between roughly $120 and $130. The descending upper trendline serves as a barrier to further price increases.
If the price of Solana surpasses this downward trendline, Rover anticipates that Solana may follow historical trends and dramatically surge past $800. “Solana is poised for a significant price increase,” Rover stated confidently.
Investors should keep a close eye on the $120 mark as a crucial support. If this level gives way and the price falls persistently below it, the optimistic outlook may no longer hold true. On the other hand, a powerful surge above the triangle’s upper limit could pave the way for the expected price increase.
Potential Catalyst: Solana 2.0 Makes Major Progress
A potential catalyst for the breakout comes from the Jump Crypto team. The Solana network is about to get a major infrastructure update with the new Firedancer client which is currently being developed. @CantelopePeel, an engineer at Jump Crypto, shared via X today, “Full Firedancer client built its first accepted block on Solana testnet.”
Full Firedancer client built its first accepted block on Solana testnet.
— CANTELOPEPEEL (@CantelopePeel) July 10, 2024
I’d like to clarify that although it may appear from the given information that Firedancer stopped building after encountering a mismatch with the cluster, in actuality, it continued constructing additional blocks before noticing the discrepancy. Once identified, Firedancer gracefully terminated its operations.
The openness about sharing both achievements and challenges underscores the intricacy involved in expanding this technology further. “That issue can wait for another day! There’s still plenty left to accomplish, but at least we can trace it on the blockchain in the meantime!” he remarked.
As a analyst, I can assert that the integration of Firedancer client into the Solana ecosystem represents a significant technical advancement in our project. Heulus Labs CEO Mert Mumtaz expressed his excitement about this development through X, stating, “We’ve successfully implemented Firedancer internally. The community isn’t prepared for this; let’s move faster.”
As an analyst, I would put it this way: The new client, Firedancer, highlighted by him, carries a considerable disruptive impact on our system. He expanded on this point, stating, “Firedancer is the second client on Solana and can be considered one of the most efficient open-source software creations to date. Essentially, it’s an upgrade equivalent to Solana 2.0.”
On Mondays, Jump Crypto unveiled a fresh bug bounty program aimed at discovering weaknesses in Firedancer v0.1, colloquially referred to as “Frankendancer.” According to Bitcoinist, this endeavor invites coding whizzes and ethical hackers to test the application for potential flaws. The program offers a generous reward of $1 million, managed through the cybersecurity platform Immunefi.
At press time, SOL traded at $142.82.
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2024-07-10 17:11