After falling below the $121 price mark last week, the Solana has
shown a strong rebound. The SOL price is up 19% from the local low.
But the current setup of the Solana price suggests the potential
for an even stronger upward breakout, similar to that of summer
2021, according to popular crypto analyst Daan de Rover, better
known as Crypto Rover. From the end of July 2021 to the beginning
of November 2021, SOL rallied by more than 1,100%. The chart shared
by Rover displays Solana’s price action on a weekly timeframe,
showcasing the formation of a descending triangle pattern similar
to 2021. A descending triangle in this setting can be considered a
continuation pattern, often leading to a breakout to the upside,
especially following a prior uptrend. Currently, SOL is trading
around $141. The base of the triangle, acting as a support zone, is
between approximately $120 and $130. Meanwhile, the descending
upper trendline currently caps the price. Related Reading: Bonk Inu
(BONK) Skyrockets 10%, Dethroning WIF As Solana’s Largest Meme Coin
If the Solana price breaks above this descending trendline, Rover
predicts that Solana could repeat history and explode beyond $800.
“SOL will go parabolic soon,” Rover asserted via X. However,
investors need to monitor the $120 support level closely. A
sustained move below this could invalidate the bullish scenario,
whereas a strong upward push through the triangle’s upper boundary
could set the stage for the anticipated rally. 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.
pic.twitter.com/T7FgkbHT8N — CANTELOPEPEEL (@CantelopePeel) July
10, 2024 He added, “Of course what you are not seeing here is that
Firedancer built another 3 blocks after this, got skipped, then
detected that it had mismatched against the rest of the cluster,
and then summarily shutdown (gracefully, of course).” Related
Reading: Solana Mirroring 2021 Bullish Pattern, Crypto Analyst
Reveals The transparency in detailing both successes and hurdles
reflects the ongoing complexity to scale the technology. “Fixing
that is a tomorrow problem! Still a ton more to do, but hey at
least you can see it on the blockchain now!” he added. This
introduction of the Firedancer client to the Solana ecosystem is
probably the biggest technical update thus far. Helius Labs CEO
Mert Mumtaz expressed his enthusiasm for the progress via X,
noting, “Firedancer has been achieved internally. No one is ready
for this. Accelerate.” His remarks underscore the disruptive
potential of the new client. He further elaborated on the
significance of this development: “Firedancer is the 2nd Solana
client (the software that nodes run) — and arguably one of the most
performant pieces of open source software ever created. Solana 2.0
if you will.” On Monday, Jump Crypto announced a new bug bounty
initiative targeting Firedancer v0.1, nicknamed Frankendancer. As
reported by Bitcoinist, this security initiative invites developers
and ethical hackers to probe the client for vulnerabilities. The
initiative comes with a substantial $1 million prize pool,
facilitated through the cybersecurity platform Immunefi. At press
time, SOL traded at $142.82. Featured image from Shutterstock,
chart from TradingView.com
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