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Solana

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, <a href="https://x.com/rovercrc/status/1810706981147263095" target="_blank" rel="noopener nofollow">according</a> 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. 
<img loading="lazy" decoding="async" class="wp-image-628955 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GSCYT2AWEAAtnQz.jpg?resize=2237%2C1216" alt="Solana breakout" width="2237" height="1216" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GSCYT2AWEAAtnQz.jpg?resize=2237%2C1216?w=2237 2237w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCYT2AWEAAtnQz.jpg?resize=2237%2C1216?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCYT2AWEAAtnQz.jpg?resize=2237%2C1216?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCYT2AWEAAtnQz.jpg?resize=2237%2C1216?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCYT2AWEAAtnQz.jpg?resize=2237%2C1216?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCYT2AWEAAtnQz.jpg?resize=2237%2C1216?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCYT2AWEAAtnQz.jpg?resize=2237%2C1216?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCYT2AWEAAtnQz.jpg?resize=2237%2C1216?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
A descending triangle in this setting can be considered a continuation pattern, often leading to a <a href="https://www.newsbtc.com/news/solana-blasts-past-resistance-buckle-up-for-330-breakout-analyst/" target="_blank" rel="noopener ">breakout</a> 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. 
If the Solana price breaks above this descending trendline, Rover predicts that Solana <a href="https://www.newsbtc.com/news/solana-poised-for-epic-reversal-analyst-spots-bullish-pattern-echoing-2022-breakout/" target="_blank" rel="noopener ">could repeat history</a> 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 <a href="https://www.newsbtc.com/news/sol-price-pops-140/" target="_blank" rel="noopener ">bullish scenario</a>, whereas a strong upward push through the triangle’s upper boundary could set the stage for the anticipated rally. 
<h2 id="potential-catalyst-solana-2-0-makes-major-progress">Potential Catalyst: Solana 2.0 Makes Major Progress</h2> 
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.” 
<blockquote class="twitter-tweet"> 
 Full Firedancer client built its first accepted block on Solana testnet. <a href="https://t.co/T7FgkbHT8N" rel="nofollow">pic.twitter.com/T7FgkbHT8N</a> 
 — CANTELOPEPEEL (@CantelopePeel) <a href="https://twitter.com/CantelopePeel/status/1810837243927613765?ref_src=twsrc%5Etfw" rel="nofollow">July 10, 2024</a>
</blockquote> 
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).” 
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 <a href="https://x.com/0xMert_/status/1810981924422238700" target="_blank" rel="noopener nofollow">expressed</a> 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 <a href="https://bitcoinist.com/solana-1-million-bug-bounty-firedancer-debut/" target="_blank" rel="noopener nofollow">reported</a> 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. 
<img loading="lazy" decoding="async" class="wp-image-628957 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675" alt="Solana price" width="3628" height="1675" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/07/SOLUSD_2024-07-10_13-34-21.png?resize=3628%2C1675?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Crypto Analyst: Solana Goes ‘Parabolic Soon’ As Firedancer Draws Closer

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