Solana ecosystem over the past month witnessed a multimillion-dollar wallet exploit on 3 August 2022, which maffected approximately 8,000 wallets. However, this has not caused adverse damage to SOL’s price and the bulls are attempting to arrest the decline of the price and stabilize it's Currency decline as of 4 August 2022.
According to an investigation by developers, ecosystem teams and security auditors, the hack was related to the Slope mobile wallet application. Solana said in an official statement that affected addresses appear to have been “created, imported, or used in Slope mobile wallet applications” at one point. Currency.com
SOL’s price has formed a descending triangle pattern, which usually acts as a break out set-up but sometimes may behave as a reversal formation. In a symmetrical descending triangle, traders buy the dips to the support line and sell near the resistance line.
The Relative Strength Index (RSI) is just above the midpoint, which does not give a clear advantage either to the bulls or the bears on the direction of the market .
If the price breaks below the support line, it will suggest that the uncertainty has resolved in favour of the sellers. That could result in a decline to $25 and further to the target of $18 price zone.
Alternatively, if the price rebounds off the support line, it will suggest demand at lower levels. The bulls will then attempt to push the price above the triangle. If they succeed, the pair could rally to its target objective of $50.
Disclaimer
My views and opinions expressed in the article are those of the author and do not constitute trading advice. Trading and investing involve substantial risks and you should do your own research or contact your financial adviser before making your decision.
Guess when you have SBF backing you, it doesn’t matter how many chain halts or exploits you have, people will still pile into it, 😂