{"id":628933,"date":"2024-07-10T14:00:16","date_gmt":"2024-07-10T14:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=628933"},"modified":"2024-07-10T12:35:16","modified_gmt":"2024-07-10T12:35:16","slug":"solana-goes-parabolic-soon-firedancer","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-goes-parabolic-soon-firedancer\/","title":{"rendered":"Crypto Analyst: Solana Goes ‘Parabolic Soon’ As Firedancer Draws Closer"},"content":{"rendered":"

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<\/a> to popular crypto analyst Daan de Rover, better known as Crypto Rover.<\/p>\n

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\u2019s price action on a weekly timeframe, showcasing the formation of a descending triangle pattern similar to 2021.<\/p>\n

\"Solana
Solana breakout coming soon? | Source: X @rovercrc<\/figcaption><\/figure>\n

A descending triangle in this setting can be considered a continuation pattern, often leading to a 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.<\/p>\n

Related Reading: Bonk Inu (BONK) Skyrockets 10%, Dethroning WIF As Solana\u2019s Largest Meme Coin<\/a><\/div>\n

If the Solana price breaks above this descending trendline, Rover predicts that Solana could repeat history<\/a> and explode beyond $800. \u201cSOL will go parabolic soon,\u201d Rover asserted via X.<\/p>\n

However, investors need to monitor the $120 support level closely. A sustained move below this could invalidate the bullish scenario<\/a>, whereas a strong upward push through the triangle’s upper boundary could set the stage for the anticipated rally.<\/p>\n

Potential Catalyst: Solana 2.0 Makes Major Progress<\/h2>\n

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, \u201cFull Firedancer client built its first accepted block on Solana testnet.\u201d<\/p>\n

\n

Full Firedancer client built its first accepted block on Solana testnet. pic.twitter.com\/T7FgkbHT8N<\/a><\/p>\n

\u2014 CANTELOPEPEEL (@CantelopePeel) July 10, 2024<\/a><\/p><\/blockquote>\n

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).”<\/p>\n

Related Reading: Solana Mirroring 2021 Bullish Pattern, Crypto Analyst Reveals<\/a><\/div>\n

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.<\/p>\n

This introduction of the Firedancer client to the Solana ecosystem is probably the biggest technical update thus far. Helius Labs CEO Mert Mumtaz expressed<\/a> his enthusiasm for the progress via X, noting, “Firedancer has been achieved internally. No one is ready for this. Accelerate.”<\/p>\n

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) \u2014 and arguably one of the most performant pieces of open source software ever created. Solana 2.0 if you will.”<\/p>\n

On Monday, Jump Crypto announced a new bug bounty initiative targeting Firedancer v0.1, nicknamed Frankendancer. As 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.<\/p>\n

At press time, SOL traded at $142.82.<\/p>\n

\"Solana
SOL price rises above the 0.5 Fib, 1-week chart | Source: SOLUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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\u2019s 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\u2019s Largest Meme Coin If the Solana price breaks above this descending trendline, Rover predicts that Solana could repeat history and explode beyond $800. \u201cSOL will go parabolic soon,\u201d 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, \u201cFull Firedancer client built its first accepted block on Solana testnet.\u201d Full Firedancer client built its first accepted block on Solana testnet. pic.twitter.com\/T7FgkbHT8N \u2014 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) \u2014 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<\/p>\n","protected":false},"author":571,"featured_media":628958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[92728,12837,86420,83626,92727,85361,89753],"class_list":["post-628933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-firedancer-testnet","tag-sol","tag-sol-price","tag-solana","tag-solana-firedancer","tag-solana-price","tag-solana-price-prediction"],"acf":[],"yoast_head":"\nSolana Is Going 'Parabolic Soon' As Firedancer Draws Closer<\/title>\n<meta name=\"description\" content=\"The current setup of the Solana price suggests a potential upward breakout, similar to that of summer 2021, according to Daan de Rover,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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