{"id":634505,"date":"2024-08-10T22:00:41","date_gmt":"2024-08-10T22:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=634505"},"modified":"2024-08-10T12:47:58","modified_gmt":"2024-08-10T12:47:58","slug":"solana-consolidation-phase-starts-as-token-movement-plateaus","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-consolidation-phase-starts-as-token-movement-plateaus\/","title":{"rendered":"Solana: Consolidation Phase Starts As Token Movement Plateaus"},"content":{"rendered":"

After the market\u2019s astonishing recovery, Solana (SOL) has entered another consolidation phase leading to lower volatility which gives the bulls much-needed rest after capturing huge gains. According to <\/span>Coingecko<\/span><\/a>, the token is down a measly 2% in the past 24 hours but is still in the green at the 30-day timeframe at over 9% gains.<\/span><\/p>\n

Related Reading: ARB Surges Nearly 10% As Franklin Templeton Launches Fund on Arbitrum<\/a><\/div>\n

Although SOL gained a lot during the market\u2019s strong rebound, there has been some news that has also affected the token\u2019s movement, hampering growth while shaking some investors off of the token.\u00a0<\/span><\/p>\n

Major Vulnerability Patched Quietly\u00a0<\/strong><\/h2>\n

Just last Thursday, a vulnerability was detected by the Solana Foundation, leading them to release a quick patch that resolves the issue. According to Solana validator Laine, the vulnerability was <\/span>known<\/span><\/a> after members of the Solana Foundation reached out to them, advising of an upcoming security patch along with the date and identifier for the incident.\u00a0<\/span><\/p>\n

\n

Anatomy of a patch<\/p>\n

In the past few hours a critical security vulnerability and patch were disclosed on Solana, this public disclosure occured after a supermajority of stake had already been patched to protect the network. Let’s look at how this process unfolded and how 70% of\u2026<\/p>\n

\u2014 Laine \u2764\ufe0f stakewiz.com (@laine_sa_) August 9, 2024<\/a><\/p><\/blockquote>\n

After 24 hours, a patch was pushed through to GitHub making it accessible to stakers. It included the patch itself along with instructions for verifying the downloaded files. All this happened under strict confidentiality.\u00a0<\/span><\/p>\n

\n

\u201c<\/span>During the next 24 hours several other core members reached out to confirm readiness and reiterate the need for urgency and confidentiality,\u201d Laine stated on their X post detailing the incident.\u00a0<\/span><\/h4>\n<\/blockquote>\n
Solana is currently trading at $154. Chart: TradingView<\/a><\/figcaption><\/figure>\n

This led to some members of the Solana community questioning the decision to keep the incident hush-hush to the broader public which was only after the incident.<\/span><\/p>\n

\u201cAnother act of centralized control, by Solana. The key is to manage to contact enough stake to protect the network while retaining confidentiality. The power to select and contact validators concentrates influence in the hands of just a few. This undermines the network’s decentralization, which is typically a blockchain’s main defense mechanism against censorship and collusion. What could stop you from doing this same process to introduce exploits into the blockchain too?\u201d Dave, a commenter on the post, said criticizing the \u201ccentralized\u201d decision of the devs and stakers.\u00a0<\/span><\/p>\n

\n

https:\/\/t.co\/wLBpweefdz<\/a><\/p>\n

\u2014 Solana (@solana) August 9, 2024<\/a><\/p><\/blockquote>\n

In light of this, the official X account of Solana <\/span>posted<\/span><\/a> a \u201cLetter to the Solana Ecosystem,\u201d which seems to be in response to the public announcement of the security vulnerability and the subsequent patch. The post only reiterates certain events within Solana.\u00a0<\/span><\/p>\n

Hampered Investor Confidence Leads To Slight Dip<\/strong><\/h2>\n

The market is not only the factor that influences SOL\u2019s price.<\/a> The guts of the platform and how it creates and builds value influence this as well. This is best shown by the SOL\u2019s current price movement which reflects the slight loss of confidence by investors on Solana.\u00a0<\/span><\/p>\n

Related Reading: XRP Market Cap Explodes By 23% In A Day As Whale Appetite Soars<\/a><\/div>\n

\"\"<\/p>\n

As of now, SOL bulls are still trying to stabilize around the $147.93 and $159.83 price range where they will remain until the fear, uncertainty, and doubt dies out. If they are successful in taking control of this price range, we might see SOL at a higher price floor, possibly reaching $186 in the coming months.\u00a0<\/span><\/p>\n

Investors and traders should monitor Solana\u2019s communication channels to distinguish whether other investors are still bullish on the platform.\u00a0<\/span><\/p>\n

Featured image from Mudrex, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

After the market\u2019s astonishing recovery, Solana (SOL) has entered another consolidation phase leading to lower volatility which gives the bulls much-needed rest after capturing huge gains. According to Coingecko, the token is down a measly 2% in the past 24 hours but is still in the green at the 30-day timeframe at over 9% gains. Related Reading: ARB Surges Nearly 10% As Franklin Templeton Launches Fund on Arbitrum Although SOL gained a lot during the market\u2019s strong rebound, there has been some news that has also affected the token\u2019s movement, hampering growth while shaking some investors off of the token.\u00a0 Major Vulnerability Patched Quietly\u00a0 Just last Thursday, a vulnerability was detected by the Solana Foundation, leading them to release a quick patch that resolves the issue. According to Solana validator Laine, the vulnerability was known after members of the Solana Foundation reached out to them, advising of an upcoming security patch along with the date and identifier for the incident.\u00a0 Anatomy of a patch In the past few hours a critical security vulnerability and patch were disclosed on Solana, this public disclosure occured after a supermajority of stake had already been patched to protect the network. Let’s look at how this process unfolded and how 70% of\u2026 \u2014 Laine \u2764\ufe0f stakewiz.com (@laine_sa_) August 9, 2024 After 24 hours, a patch was pushed through to GitHub making it accessible to stakers. It included the patch itself along with instructions for verifying the downloaded files. All this happened under strict confidentiality.\u00a0 \u201cDuring the next 24 hours several other core members reached out to confirm readiness and reiterate the need for urgency and confidentiality,\u201d Laine stated on their X post detailing the incident.\u00a0 This led to some members of the Solana community questioning the decision to keep the incident hush-hush to the broader public which was only after the incident. \u201cAnother act of centralized control, by Solana. The key is to manage to contact enough stake to protect the network while retaining confidentiality. The power to select and contact validators concentrates influence in the hands of just a few. This undermines the network’s decentralization, which is typically a blockchain’s main defense mechanism against censorship and collusion. What could stop you from doing this same process to introduce exploits into the blockchain too?\u201d Dave, a commenter on the post, said criticizing the \u201ccentralized\u201d decision of the devs and stakers.\u00a0 https:\/\/t.co\/wLBpweefdz \u2014 Solana (@solana) August 9, 2024 In light of this, the official X account of Solana posted a \u201cLetter to the Solana Ecosystem,\u201d which seems to be in response to the public announcement of the security vulnerability and the subsequent patch. The post only reiterates certain events within Solana.\u00a0 Hampered Investor Confidence Leads To Slight Dip The market is not only the factor that influences SOL\u2019s price. The guts of the platform and how it creates and builds value influence this as well. This is best shown by the SOL\u2019s current price movement which reflects the slight loss of confidence by investors on Solana.\u00a0 Related Reading: XRP Market Cap Explodes By 23% In A Day As Whale Appetite Soars As of now, SOL bulls are still trying to stabilize around the $147.93 and $159.83 price range where they will remain until the fear, uncertainty, and doubt dies out. If they are successful in taking control of this price range, we might see SOL at a higher price floor, possibly reaching $186 in the coming months.\u00a0 Investors and traders should monitor Solana\u2019s communication channels to distinguish whether other investors are still bullish on the platform.\u00a0 Featured image from Mudrex, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":634542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,428,6664,12837,83626],"class_list":["post-634505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-bitcoin","tag-crypto","tag-sol","tag-solana"],"acf":[],"yoast_head":"\nSolana: Consolidation Phase Starts As Token Movement Plateaus<\/title>\n<meta name=\"description\" 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Encila","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/42cdb81dcbfceaa5f2e5c359239db36f?s=96&d=mm&r=g","caption":"Christian Encila"},"description":"They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana: Consolidation Phase Starts As Token Movement Plateaus","url":"http:\/\/wncen.com\/news\/solana-consolidation-phase-starts-as-token-movement-plateaus\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana-consolidation-phase-starts-as-token-movement-plateaus\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/a_1ffa30.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/a_1ffa30.png?fit=1200%2C630"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","bitcoin","crypto","sol","solana"],"dateCreated":"2024-08-10T22:00:41Z","datePublished":"2024-08-10T22:00:41Z","dateModified":"2024-08-10T22:00:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana: Consolidation Phase Starts As Token Movement Plateaus\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana-consolidation-phase-starts-as-token-movement-plateaus\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana-consolidation-phase-starts-as-token-movement-plateaus\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/a_1ffa30.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/a_1ffa30.png?fit=1200%2C630\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"bitcoin\",\"crypto\",\"sol\",\"solana\"],\"dateCreated\":\"2024-08-10T22:00:41Z\",\"datePublished\":\"2024-08-10T22:00:41Z\",\"dateModified\":\"2024-08-10T22:00:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/a_1ffa30.png?fit=1200%2C630","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/634505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=634505"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/634505\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/634542"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=634505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=634505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=634505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}