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Solana (SOL)

Solana locked and loaded to outperform Ethereum, bullish signals ahead see SOL at $355

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  • Solana price bounced strongly after experiencing a more than 7% loss on Wednesday.
  • Buyers have returned but must move Solana above key resistance to maintain momentum towards new all-time highs.
  • Bearish fakeout pattern in Point and Figure analysis could trigger massive spikes higher.

Solana price remains a leader in the altcoin space, giving many examples of why it’s referred to as an Ethereum-killer. While the bounce has been significant, bulls will need to add more conviction to the intraday rally to carry Solana forward; otherwise, short-sellers will likely capitalize on the weakness.

Solana price could trap short-sellers above $255, but failure by the bulls could trigger aggressive selling pressure

Solana price is highly likely to confirm a powerful bear trap pattern in Point and Figure charting known as the Bearish Fakeout pattern. This pattern develops when a multiple-bottom has two Os forms below, then an X-column forms and creates a bullish entry.  This hypothetical long setup has a buy stop at $225, a stop loss at $205 and a projected profit target at $355. A trailing three-box stop would help protect any presumed profit after the breakout.

SOL/USDT $5.00/3-Box Reversal Point and Figure Chart

The bullish trade idea is invalidated if Solana price moves below $180.

A hypothetical short trade also presents an opportunity. A break of a double-bottom at $180 would coincide with a break of the bull market trend line, thereby converting Solana price into a bear market. Additionally, momentum may be strong enough to see Solana move below the subjective trend line (black trendline), increasing selling pressure. The theoretical short idea is a sell stop order at $175, a stop loss at $195, and a profit target at $115.

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SOL/USDT $5.00/3-box Reversal Point and Figure Chart

The short trade idea is invalidated if Solana price moves above $220.

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Solana

$2.6 Billion Bug in Solana Program Library Disclosed: Details

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Researchers from Neodyme, a boutique team focused on security audits, noticed a critical vulnerability in Solana’s codebase

In their latest blog post, crypto security researchers from Neodyme shared the design of an attack that may be profitable for “expensive” tokens integrated into Solana (SOL) ecosystem.

“One Lambo per hour”

As per the announcement shared in Neodyme’s social network and blog, its members noticed a bug in the token-lending contract of the Solana Program Library. As such, it affected numerous Solana-based DeFi protocols.

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Aggregated total value locked (TVL) at risk was over $2,600,000,000. The design of the hypothetical attack was quite simple: while depositing n fractional tokens, a user is able to withdraw n+1 fractional tokens.

With Solana’s native token, SOL, it will not be effective economically, as 1 Lamport (the smallest fraction of SOL, like Satoshi for Bitcoin, Wei for Ether and Drop for XRP) is only worth about $0.000000220.

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However, for Ether and Bitcoin, this scenario can be very profitable. With some technical upgrades, the attack can be executed about 300 times per second. In this case, losses can be dramatic:

We can get this transaction included about 300 times per second, stealing $7500 per second or about $27 million an hour (that is one Lamborghini Huracan every minute).

Bug fixed

In automated mode, this attack becomes profitable even for FTT and RAY tokens.

On Dec. 2-4, Neodyme’s representatives contacted a number of decentralized finance protocols (DeFis) on Solana, e.g., Larix, Solend, Tulip, Accumen, Soda and so on.

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All teams fixed the bugs in their architecture. Yesterday, software engineer Jordan Audet-Sexton shared in GitHub that the issue is fixed in Solana’s main codebase as well.

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Ethereum

Here’s What’s Next for Ethereum Rivals Solana and Avalanche, According to Analyst Nicholas Merten

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Prominent crypto analyst Nicholas Merten is taking a look at two layer-1 digital assets stacked up against the Ethereum (ETH) trading pair.

In a new strategy session, the host of DataDash tells his 486,000 YouTube subscribers where he thinks smart contract platforms Avalanche (AVAX) and Solana (SOL) are headed.

According to Merten, it is better to compare both coins to ETH rather than the US dollar or Bitcoin (BTC) as Ethereum’s greater success in recent years makes it a better barometer than Bitcoin.

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“If you’re really looking to see if your play is outpacing others in the market, you want to take a look against Ethereum. It is the second-largest cryptocurrency in this space and it has been outpacing Bitcoin around 380% to 400% in this cycle alone since 2019.

So we want to be able to find plays that are outpacing Ethereum because Ethereum is a really solid bet. It’s a really good medium-risk, medium-reward play.”

Source: Nicholas Merten/YouTube

Looking at Avalanche, Merten says that a local top might be in for the AVAX against ETH after the altcoin’s massive rally in the last few months.

“Avalanche has done phenomenally well against Ethereum. If you take a look back here since August, it’s up 422% against Ethereum. Great rally, even after the [recent] pullback here…

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When I look at this chart I definitely like seeing an asset that performs well against Ethereum, but each time it’s come up to this range [0.034 ETH or $139.21] historically, it’s been dragged down…  

I think that again we might see some kind of repetition, or at least a revisit down to the previous support range [0.014 ETH or $57.32], which means that’s it probably going to go down a little over 35% to 40% against Ethereum. A pretty decent decline.

At time of writing, AVAX is down 1% on the day to $107.20.

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As for Solana’s price action against Ethereum, Merten notes that the pair is flashing a bearish pattern after printing massive rallies in the last 18 months.

But to be completely frank as a trader, Solana’s had many rallies in the past. It’s had one back here [from July to August of 2020], 336% rally in price. Then back here [December of 2020], if you want to take from the lows, in this case, 1,000% move, massive multiples in price.

We take a look here as well, from the recent rally here [August 2021] into September, very similar to history, a little over 350% to 400%. Not a bad rally.

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But to be completely frank, we’ve been stagnant since September generally. The trend is starting to fade here. We don’t have that same momentum, and it’s seeing if it can hold out against Ethereum.

If you break below this range here [0.046 ETH or $188], I think it’s very favorable that Ethereum is going to start to outpace Solana as well as other major layer-1 plays.”

Source: Nicholas Merten/YouTube

Solana is currently down nearly 10% and trading at $203.79.

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Solana

Solana (SOL) vs Polkadot (DOT): Features and Perspectives

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Decentralized applications (dApps) have found their application in different directions: online games and virtual casinos to financial projects. A common problem for developers and users is the speed of the network bandwidth. The most common blockchain for dApps is Ethereum. However, the increased demand is overwhelming the platform. The race for performance leads to the emergence of new projects. Among such projects, Solana and Polkadot are the most popular. Let’s compare these projects and Polkadot with the DOT token vs. Solana with the SOL token.

Distinguishing Features of Solana and Polkadot

Solana cryptocurrency has many features that make it stand out among hundreds of other digital assets:

  1. The architecture is theoretically capable of processing up to 710,000 transactions per second. So far, a result of 60,000 operations has been achieved. But even this figure makes it one of the fastest videos to use.
  2. The network is designed so that it can easily handle growing workloads. Several technological innovations, including the original Proof-of-History protocol, make this platform a flexible and highly scalable tool.
  3. The project has made savings in audience size. In 2021, several hundred thousand users will be using the Solana network in November. Thanks to this, it was possible to maintain a low price for transactions within the system and in decentralized applications on the site’s platform.
  4. A high degree of compatibility is achieved by eliminating the need for users to deal with shards or second-level systems. Solana can interact with other crypto platforms as well.

Polkadot features that make this project stand out in the cryptocurrency market:

  1. Fast transaction processing by distributing operations across parallel parachains.
  2. It is based on a completely decentralized network—user control.
  3. Simplified creation and connection of DeFi services.
  4. High interoperability. It is possible to interact with all parachains that are included in the network. Free transfer of assets and any data is carried out.
  5. No need to hard forks to implement updates.
  6. Providing complete security for all blockchain projects connected to the network.

The Future and Prospects of SOL and DOT

Serious partners believe in the Solana project. For example, in early June 2021, Solana raised more than $ 314 million through a private token sale. Significant investments followed from Andreessen Horowitz. This firm once invested in other well-known projects (Skype, Facebook and Twitter).

Time will help to understand the platform’s applicability. As of July 2021, the system works in test mode, which does not cause failures. For example, the incorrect operation of the blockchain eight months ago led to the stoppage of all services for 6 hours.

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Polkadot is a promising digital currency that has not yet reached its maximum price because the project is under active development. In 2021, according to the Roadmap, ideas and services will be implemented that will positively affect the course. Large companies and developers will start buying tokens for free “slots” on parachains to become part of the decentralized ecosystem. This can lead to the growth of the system.

The outlook for dot vs solana depends on the amount of blockchain used. The number of their partners is growing. But so far, the projects remain at the level of a startup with good potential.

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