The Solana price is trading in a lateral fashion as altcoin cannot move beyond the $40 mark. An exploit has caused thousands of altcoin wallets to lose their money. Hackers were able to use private keys to access the money.
After the attack on the network, Solana’s value swiftly dropped to $38. The price of Solana has remained at $40.
Current support for the coin was $40. If the price does not stay at the same level, SOL may fall to $36. Bitcoin is also consolidating at the $23,000 mark after its chart fell slightly over the past 2 days. Altcoins have also been affected.
The recent Solana fiasco caused the Coin’s purchasing power to fall. The problem was only limited to a few wallets and the Solana Network wasn’t compromised. Global cryptocurrency market capitalization today stood at $1.14 Trillion. 0.4%In the past 24 hours, there has been a negative shift.
Solana Price Analysis: Four Hour Chart
SOL was trading at $40.2 when this article was written. The correction that the coin experienced following its move past the $46 mark has not been reversed.
The recent loss of funds from some accounts have definitely set back Solana’s recovery.
Although the overhead resistance of the coin was at $41, the Solana Price will be in a position to discredit the bearish thesis if it is able to revisit its price and keep it above the $46 mark.
However, the support level for Solana prices was at $36. The asset will drop to $34 if it falls below $36. The volume of Solana trades in the past session fell slightly, indicating a decrease in selling power.
If Solana prices continue to fall, altcoins will soon trade below ascending triangle to confirm bearishness.
Technical Analysis
Altcoin saw a decrease in purchasing pressure due to Solana owners selling the currency. The attacks have been severe. However, over the last trading session, there was an increase in purchasing power.
Relative Strength Index moved above the 50% line, which indicated that sellers were outsold by buyers at the time.
Solana’s price also surpassed the 20-SMA, meaning that buyers drove the market’s price momentum.
The coin could see bullish price movement. SOL may break consolidation if buyers maintain their market position.
Similar Reading: Solana Hot wallets are under constant attack, $5M stolen so far
SOL’s technical outlook hinted towards bullishness on the chart. The price momentum and the change in trend were indicated by Moving Average Convergence Divergence. MACD showed green histograms following a bullish crossover.
This was a buy signal for Solana. Bollinger Bands show price fluctuations and volatility. They were both paralleled and broad, meaning that Solana prices will not experience significant volatility.
Similar Reading: TA. Solana Struggles to Break Key Resistance after $5M Hack
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