Renowned trader and chart analyst Peter Brandt, in his assessment of Solana’s weekly chart, highlighted downside risks for SOL.
Brandt stated that a 14-week rectangular formation has formed on the weekly chart, and if this structure breaks downwards and turns into a continuation pattern, it could confirm a large-scale “head and shoulders” top formation. According to the analyst, in this scenario, the target level for SOL is $43.70.
On the other hand, a significant technical development occurred in the Solana ecosystem. Firedancer, the Solana validator client developed by Jump Crypto, the cryptocurrency of Jump Trading, was deployed on the Solana mainnet and began generating blocks.
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Firedancer’s founding engineer, Ritchie Patel, explained that the client has already packaged tens of millions of transactions in a production environment. However, Patel stated that they don’t want validators to widely switch to Firedancer before the security audit is fully completed, and therefore the process will proceed incrementally.
Patel also stated that the Firedancer architecture is heavily inspired by high-frequency trading systems in traditional financial markets. It was also reported that the team recently completed a public security audit competition with a $1 million prize pool.
*This is not investment advice.
Continue Reading: Veteran Analyst Peter Brandt Issues a Warning About the Solana (SOL) Price
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Author: NixCoin
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