SOL Loses $40 After The Exploit – What’s The Next Support?
August 05 2022 - 7:31AM
NEWSBTC
Solana’s price is unstable following an exploit by hackers draining
funds with the use of external applications. Around 8,000 wallets
were hacked from Phantom and Solana, with roughly $8 million stolen
from users. The coin’s price immediately nosedived to $40 with
support at $35. A Solana NFT marketplace, Magic Eden, advised
wallet users of Phantom and Solana to revoke their permissions
found on the wallet application’s setting. Fortunately, only some
wallets were drained of funds, and the network wasn’t jeopardized
in its entirety. Yesterday, the trading volume is in pitch red when
the news of the exploit broke out. In an instant, many users were
in panic and trying to move or sell their coins According to
CoinMarketCap, the crypto’s price has spiked by 3.07% or at $40.12
as of this writing. Chart from TradingView.com Related Reading:
THORChain (RUNE) Ready For 20% Climb Before Next Correction Solana
RSI Down 50 Points, Bearish Momentum Seen The daily chart shows RSI
cascading down by 50 points, indicating a bearish trend and an
extensive correction. MACD also showed a bearish cross pattern
which may trigger the plunge of SOL closer to $35 or even lower in
the next days. SOL price is now going the bearish lane and a breach
below the ascending triangle pattern is bound to validate that.
When this happens, SOL should retest at $35. With SOL experiencing
a lot of hits, recovery may take some time. On the other hand,
crypto experts believe that the SOL price can easily target $50 by
the end of the month. As of this writing, the so-called Ethereum
Killer was able to rebound little by little despite the losses.
Given the current momentum, there is a possibility for SOL to
breach $40. Social Engagement For SOL Up 192% Analysts were able to
pinpoint five key indicators that can help with Solana’s comeback
which include a surge in trading volume seen in the last 24 hours
and also a boost in social media sentiment or Google search volume
for Solana. SOL social media mentions are seen to rise by 64% and
social engagement also spiked by 191.7% which indicates an increase
in investor interest for Solana. Currently, the technical analysis
of SOL reveals a price increase and a positive market sentiment.
Crypto analyst Azeez Mustafa looked at the SOL price charts and
noticed that the coin’s bullish movement could skyrocket SOL prices
from $70 to $80. Similarly, @Pentosh1, a famous crypto analyst,
believes that the SOL price can storm its way through $42 and can
rally from $48 to $60. Related Reading: Avalanche (AVAX) Poised For
25% Rally Ahead Of Seoul Web3 Hackathon SOL total market cap at $14
billion on the daily chart | Source: TradingView.com Featured image
from FX Empire, Chart from TradingView.com
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