SOL Price Shoots As Solana Foundation Announces Huge Bounty

Dodging the broader market promoting strain, 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 value surge comes at a time when the Solana Basis introduced a reward of $400,000 for anybody who can activate a code that may doubtlessly “flip off” Solana. As we speak’s shock value surge means that Solana traders proceed to have belief within the platform.

The Solana Bounty Provide

Jacob Creech, Head of Developer Relations on the basis, has made an announcement on X a few $400,000 reward accessible 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 Basis. This system actively encourages moral hackers to completely 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 many incentives inside this program contains $2 million in locked SOL tokens, supposed 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.

One other 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 contains the beforehand talked about $400,000 bounty designed to inspire hackers to establish vulnerabilities that might result in distant assaults able to partitioning the Solana community.

SOL Value Motion

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 assist of $21. On the month-to-month chart, the SOL value is already trading 18% up, nonetheless, it’s simply over the past two weeks that Solana is exhibiting sturdy value actions.

On the technical chart, the Solana value has been oscillating inside the downward channel. As we speak it bounced again from the assist of $21.15.

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