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Surprisingly, Ethereum (ETH)’s competitor Solana (SOL) managed to escape the selling pressure in the market and its price increased by 4%. The native asset of the network SOL is trading at $22.06, with a slight pullback of 2.87% at the time of writing. The price increase came after the Solana Foundation announced a reward of $400,000 to anyone who could potentially shut down the Solana network, posing a challenge to the security of the network.
Solana Foundation to Reward Those Who Find Network Vulnerabilities
Jacob Creech, Developer Relations Lead at the Solana Foundation, announced that anyone who can bring the Solana network to a halt will receive a $400,000 reward. This reward is part of the Solana Foundation’s security bug bounty program, which encourages white hat hackers to research potential security vulnerabilities and rewards them for their findings.
As part of the program, various rewards are offered, including $2 million worth of SOL with a 12-month lockup period. The $2 million SOL reward will be given to individuals who find security vulnerabilities and covers security breaches such as unauthorized fund transfers, theft of user-signed funds, or misuse of shares related to the voting program.
Another reward for identifying consensus violations or security issues on the Solana network was announced as $1 million.
Performance of SOL
Although the selling pressure in the market affected SOL’s price last week, it seems to have bounced back from the $21 support level. Currently, SOL’s price is trading with an 18% increase on the monthly chart.
According to technical charts, SOL’s price is trading within a descending channel and has bounced from its $21.15 support. On the upside, the nearest resistance level for SOL is at $22.43. If bulls take control and break the resistance trendline of the descending channel, a significant rise towards the next resistance level at $23.33 is expected in the coming days.
