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.
Hot News: SOL Price Analysis Following Jump Crypto’s $1 Million Firedancer Bug Bounty
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.
Source: TradingViewAlso 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 versions of the Solana consensus and fork choice algorithms.
– We are also working on live voting and various other little bits around that.
– Millions of slots of execution have been…
— CANTELOPEPEEL (@CantelopePeel) July 7, 2024
As the tweet above from Jump Crypto developer ‘CantelopePeel’ shows, the first version of Jump’s client software for Solana will enter its first bug bounty program on Wednesday.
This is an important step in its development, and one which marks the start of the countdown to its eventual launch.
Firedancer will make Solana more efficient as a network, helping to increase its transaction capacity and also facilitate sharding.
As such, it could help drive users towards Solana over the long term, boosting its ability to rival Ethereum.
In the nearer term, the arrival of Ethereum ETFs and potentially even Solana ETFs will help the SOL price to recover.
It could reach $150 in a couple of weeks and $200 by Q4.
New Meme Tokens Can Bring Above-Average Returns
Firedancer may still require several months to launch, so its effect on the SOL price is likely to be slight for now.
However, traders searching market-beating gains could consider looking at newer tokens, including meme coins currently holding their presales.
One of the most exciting new tokens in the market is PlayDoge (PLAY), an Ethereum-based play-to-earn cryptocurrency that has raised $5.4 million in its ongoing sale.
Introducing #PlayDoge – the only #P2E Doge companion!
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY.
Don’t neglect your doge, his life’s on the line
Join the #Presale Now https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024
The PlayDoge game will given users the chance to earn rewards for breeding and completing missions with their own 8-bit Shiba Inu pets.
It takes its cuesfrom the Tamagotchi games that first emerged in the late Nineties, featuring compelling side-scrolling gameplay and an in-game economy.
PLAY will be the native token for in-game transactions, so in theory it should see demand rising in step with the popularity of the game.
As a token, it will have a cap of 9.4 billion, with 50% of this supply going to its sale.
Holders will also be able to stake the token, earning themselves a passive income in the process.
PLAY’s sale will run for several more weeks, with investors able to join it by going to the PlayDoge official website.
It costs $0.00516 per token, with participants able to buy it using either ETH, USDT, BNB or fiat currency.
Given its successful raise and online popularity, it could easily surge once it lists later in the summer.
Visit PlayDoge Now
The post Hot News: SOL Price Analysis Following Jump Crypto’s $1 Million Firedancer Bug Bounty appeared first on Cryptonews.
