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

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, ...