By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoCommunityCryptoCommunity
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • BTC
  • ETH
  • USDT
  • USDC
  • BNB
  • BUSD
  • ADA
  • XRP
  • SOL
  • DOGE
  • DOT
  • MATIC
Reading: SOL Loses $40 After The Exploit – What’s The Next Support?
Share
Aa
CryptoCommunityCryptoCommunity
Aa
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Search
  • Home
  • General
  • Blockchain
  • Crypto
  • DeFi
  • Metaverse
  • NFT
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
CryptoCommunity > Blog > crypto > SOL Loses $40 After The Exploit – What’s The Next Support?
crypto

SOL Loses $40 After The Exploit – What’s The Next Support?

admin Published August 5, 2022
Last updated: 2022/08/05 at 5:10 PM
Share
SHARE

[ad_1]

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.

Contents
Solana RSI Down 50 Points, Bearish Momentum SeenSocial Engagement For SOL Up 192%

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

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.

SOL total market cap at $14 billion on the daily chart | Source: TradingView.com

Featured image from FX Empire, Chart from TradingView.com

[ad_2]

You Might Also Like

How to earn bitcoins fast

How to Tell If a Cryptocurrency is a Scam or Not

Tips to Avoid Losing In Cryptocurrency Trading

How to Sell Products Online with Bitcoins – The Ultimate Guide

Get a Cryptocurrency Trader Certification to Get Ready For The Big Game!

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
admin August 5, 2022
Share this Article
Facebook TwitterEmail Print
Share
Previous Article Kenya moves to protect personal data – TechCrunch
Next Article 5 Best Real Estate Metaverses to Watch for 2022

Latest News

earn bitcoins fast
How to earn bitcoins fast
crypto
Cryptocurrency is a Scam or Not
How to Tell If a Cryptocurrency is a Scam or Not
crypto
Losing In Cryptocurrency Trading
Tips to Avoid Losing In Cryptocurrency Trading
crypto
Sell Products Online with Bitcoins
How to Sell Products Online with Bitcoins – The Ultimate Guide
crypto

You Might also Like

earn bitcoins fast
crypto

How to earn bitcoins fast

4 Min Read
Cryptocurrency is a Scam or Not
crypto

How to Tell If a Cryptocurrency is a Scam or Not

8 Min Read
Losing In Cryptocurrency Trading
crypto

Tips to Avoid Losing In Cryptocurrency Trading

6 Min Read
Sell Products Online with Bitcoins
crypto

How to Sell Products Online with Bitcoins – The Ultimate Guide

5 Min Read

Crypto Community

  • Home
  • Crypto Calculator
  • Blog
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Real time Cryptocurrency

  • Crypto Prices
  • Dogecoin price
  • Shibainu coin price
  • Bitcoin Price
  • Cardano Price
  • Litecoins Price

Cryptocurrency Price USD

  • Bitcoin price USD
  • Ethereum price USD
  • Tether price USD
  • BNB Price USD
  • Cardano Price USD
  • Solana Price USD
  • Peps coin Price USD
  • floki inu Price USD
  • SIA coin Price USD
CryptoCommunityCryptoCommunity
Follow US

© 2022 Cryptos Community All Rights Reserved. All logos and images used on this website are registered trademarks of their respective companies. All Rights Reserved. Cryptos Community is not liable for inaccuracies, errors, or omissions found herein. For the removal of copyrighted images, trademarks, or other issues, Contact Us. 


Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?