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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report
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Breaking News: Cantor Fitzgerald Projects Major Growth For Hyperliquid (HYPE) In Explosive New Report

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

Christian Encila
Christian Encila
Last Updated: August 5, 2022 11:31 am
3 mins read
SOL

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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

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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.

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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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Christian Encila
Christian Encila

Christian Encila

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.

Read more

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 – 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’ 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 – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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