Solana’s price is unstable following an exploit by hackers draining funds with the use of external applications. Phantom and Solana hacked around 8,000 wallets, with approximately $8 million taken 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. When the exploit was announced, trading volumes were in a shambles. Many users panicked and tried to sell or move their coins in an instant.
According to CoinMarketCap, the crypto’s price has spiked by 3.07% or at $40.12 as of this writing.
TradingView.com Chart
Solana RSI down 50 points, bearish momentum seen
The daily chart shows RSI dropping by 50 points. This is a sign of a strong bearish trend, and a large correction.
MACD showed another bearish cross pattern, which could trigger the plunge in SOL to close to $35 and lower over the coming days.
SOL’s price has been trending bearish and will likely break below ascending triangle patterns. SOL price should test at $35 when this occurs. SOL has been experiencing quite a few hits and recovery could take some time. However, experts in crypto believe the SOL price could easily reach $50 at the end the month.
At the time of writing, Ethereum Killer had been slowly recovering despite losses. SOL may reach $40, given current momentum.
SOL up 192%: Social engagement
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 rose by 64%. Social engagement spiked by 191.7%, which suggests an increase in Solana investor interest.
The technical analysis for SOL shows a market sentiment and price rise. 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.
Similar to @Pentosh1, an acclaimed crypto analyst believes the SOL price could storm its way through $42 while rallying from $48-60.
Source: TradingView.com| Source: TradingView.com Featured image taken from FX Empire. Chart by TradingView.com