Hot News: SOL Price Analysis Following Jump Crypto’s $1 Million Firedancer Bug Bounty
Solana has remained static today on an uneventful morning for the cryptocurrency market, with the SOL price holding to $140.18 and marking a very modest 0.1% gain in 24 hours.
The alt has also declined by 5% in a week, and while it is up by 11% in the past fortnight, it’s also down by 13% in the last 30 days.
Despite this month-on-month loss, SOL has still gained by 530% in the past year, with today’s moves coming as Jump Crypto announces a $1 million bug bounty for its upcoming Firedancer client software.
Firedancer will make Solana’s network more efficient, and while the effect may be subtle, it will help to boost Solana adoption over time.
It’s encouraging that SOL has actually rebounded in the past few hours after sinking to a 24-hour low of $128 earlier this morning.
Its 30-day moving average (orange) has begun rising again and looks like it could soon climb over its 200-day (blue), a move that would signal a potential breakout.
Also signalling a possible breakout are the coin’s resistance (red) and support (green) levels, which are triangulating towards each other.
This often creates a pinch point that can lead to a dramatic move, and with SOL mostly suffering over the past week, it’s likely that the this move will be upwards.
Indeed, SOL’s relative strength index (purple) has shot from 20 at around midnight to just over 60 right now, signalling a return of momentum.
To some extent, this has simply come from market dynamics, with SOL (and much of the market) entering a massively oversold position last night.
Yet on the other hand, Solana continues to see good news, of the kind that bolsters its credentials as a platform for the future.
A little Firedancer update:
– We are currently working on and actively testing our first
Read more on cryptonews.com
