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Dodging the broader market promoting stress, Ethereum competitor Solana has given a shock 4% transfer upwards. At press time, the Solana price is up 4.23% buying and selling at $22.07 and a market cap of $9.1 billion.

The worth surge comes at a time when the Solana Foundation introduced a reward of $400,000 for anybody who can activate a code that may probably “turn off” Solana. Today’s shock worth surge means that Solana traders proceed to have belief within the platform.

The Solana Bounty Offer

Jacob Creech, Head of Developer Relations on the basis, has made an announcement on X a couple of $400,000 reward obtainable to anybody who can unveil the code able to shutting down Solana. This reward is an integral a part of the broader safety bug bounty program initiated by the Solana Foundation. The program actively encourages moral hackers to totally look at the blockchain for potential vulnerabilities, providing varied rewards for his or her efforts.

Fyi there is a $400k reward for anybody that may discover code that may flip off Solana

Please go forward and discover ithttps://t.co/2oxcB0EEyx

— Jacob Creech (@jacobvcreech) October 12, 2023

One of the incentives inside this program consists of $2 million in locked SOL tokens, meant for a 12-month lockup, which will probably be granted to those that uncover vulnerabilities like unauthorized fund transfers, theft of funds with out consumer signatures, or exploits associated to the voting program that depletes delegated stakes.

Another noteworthy reward, amounting to $1 million, is put aside for people who can expose consensus violations or issues of safety inside the Solana community. This consists of the beforehand talked about $400,000 bounty designed to inspire hackers to establish vulnerabilities that would result in distant assaults able to partitioning the Solana community.

SOL Price Action

Amid the broader market sell-off over the past week, the Solana price came under pressure final week and appears to have bounced again from the help of $21. On the month-to-month chart, the SOL worth is already trading 18% up, nevertheless, it’s simply over the past two weeks that Solana is exhibiting robust worth actions.

On the technical chart, the Solana worth has been oscillating inside the downward channel. Today it bounced again from the help of $21.15.

On the upside, Solana faces a resistance of $22.43. Moreover, ought to the bulls seize management and breach the channel, the value will expertise a major bullish surge, sustaining its upward trajectory because it ventures to problem the higher resistance at $23.33 within the days forward.

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Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary expertise.

The offered content material might embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.