SOL Price Shoots As Solana Foundation Announces Huge Bounty

Dodging the broader market selling pressure, Ethereum competitor Solana has given a surprise 4% move upwards. At press time, the Solana price is up 4.23% trading at $22.07 and a market cap of $9.1 billion.

The price surge comes at a time when the Solana Foundation announced a reward of $400,000 for anyone who can turn on a code that can potentially “turn off” Solana. Today’s surprise price surge suggests that Solana investors continue to have trust in the platform.

The Solana Bounty Offer

Jacob Creech, Head of Developer Relations at the foundation, has made an announcement on X about a $400,000 reward available to anyone who can unveil the code capable of shutting down Solana. This reward is an integral part of the broader security bug bounty program initiated by the Solana Foundation. The program actively encourages ethical hackers to thoroughly examine the blockchain for potential vulnerabilities, offering various rewards for their efforts.

Fyi there’s a $400k reward for anyone that can find code that can turn off Solana

Please go ahead and find ithttps://t.co/2oxcB0EEyx

— Jacob Creech (@jacobvcreech) October 12, 2023

One of the incentives within this program includes $2 million in locked SOL tokens, intended for a 12-month lockup, which will be granted to those who discover vulnerabilities like unauthorized fund transfers, theft of funds without user signatures, or exploits related to the voting program that depletes delegated stakes.

Another noteworthy reward, amounting to $1 million, is set aside for individuals who can expose consensus violations or safety issues within the Solana network. This includes the previously mentioned $400,000 bounty designed to motivate hackers to identify vulnerabilities that could lead to remote attacks capable of partitioning the Solana network.

SOL Price Action

Amid the broader market sell-off over the last week, the Solana price came under pressure last week and seems to have bounced back from the support of $21. On the monthly chart, the SOL price is already trading 18% up, however, it’s just over the last two weeks that Solana is showing strong price movements.

On the technical chart, the Solana price has been oscillating within the downward channel. Today it bounced back from the support of $21.15.

On the upside, Solana faces a resistance of $22.43. Moreover, should the bulls seize control and breach the channel, the price will experience a significant bullish surge, sustaining its upward trajectory as it ventures to challenge the upper resistance at $23.33 in the days ahead.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.