Solana Foundation Encourages Security Researchers
Surprisingly, Solana (SOL), a competitor of Ethereum (ETH), managed to avoid the market’s selling pressure, experiencing a 4% price increase. Currently trading at $22.06, SOL saw a slight pullback of 2.87% at the time of writing. This surge followed the announcement by the Solana Foundation regarding a reward of $400,000 for anyone capable of potentially shutting down the Solana network, thus challenging the network’s security.
Jacob Creech Announces Reward for Network Vulnerabilities
Jacob Creech, Developer Relations Lead at the Solana Foundation, revealed that individuals who can disrupt the Solana network will be granted a $400,000 reward. This initiative forms part of the Solana Foundation’s security bug bounty program, which motivates white hat hackers to explore potential security vulnerabilities and compensates them for their discoveries.
Rewards Offered Under the Program:
- $2 million worth of SOL (with a 12-month lockup period) for finding security vulnerabilities such as unauthorized fund transfers, theft of user-signed funds, or misuse of shares related to the voting program.
- A $1 million reward for identifying consensus violations or security issues on the Solana network.
SOL’s Market Performance
Despite the market’s selling pressure affecting SOL’s price recently, the cryptocurrency rebounded from the $21 support level. Currently, SOL’s price shows an 18% increase on the monthly chart.
Technical analysis indicates that SOL’s price is trading within a descending channel and has rebounded from its $21.15 support. The nearest resistance level for SOL stands at $22.43. If bulls manage to break the resistance trendline of the descending channel, a significant surge towards the next resistance level at $23.33 is anticipated in the coming days.