Solana Price Caught In Consolidation, Unable To Break Past The $40 Level
August 08 2022 - 12:00AM
NEWSBTC
Solana price has been trading laterally as the altcoin has not been
able to move past the $40 price mark. The altcoin has experienced a
blow recently as thousands of wallets were drained of their assets
owing to an exploit. The latest exploit had allowed hackers to
drain the funds using private keys. After the attack on the
network, Solana’s value swiftly dropped to $38. Solana price has
now been stuck at the $40 level. The current support level for the
coin stood at $40 and failing to stay on the aforementioned price
mark, SOL could fall to $36. Bitcoin too has been consolidating at
the $23,000 level after the king coin fell minorly on its chart
over the past two days. Altcoins also have been affected in a
similar manner. In case of Solana, the buying strength of the coin
fell owing to the recent fiasco. Fortunately, only a certain number
of wallets were affected and Solana Network was not
compromised. The global cryptocurrency market cap today was at
$1.14 Trillion, a 0.4% negative change in the last 24 hours. Solana
Price Analysis: Four Hour Chart SOL was exchanging hands at $40.2
at the time of writing. The coin has still not recovered from the
correction it experienced after it moved past the $46 price mark.
The recent loss of funds from some accounts have definitely set
back Solana’s recovery. Overhead resistance for the coin was at
$41, however, Solana price will be able to invalidate the bearish
thesis, once it manages to revisit and hold its price above the $46
price mark. On the flipside, support level for Solana price was at
$36. A fall from $36, will bring the asset down to $34. Volume of
Solana traded over the last session dipped slightly indicating fall
in selling strength. If Solana price continues on a downtrend, then
soon the altcoin will trade below the ascending triangle confirming
bearishness. Technical Analysis The altcoin registered a
depreciation in buying pressure as Solana holders ran to sell the
coin due to . Over the attack. The last few trading sessions
however, the coin displayed an increase in buying strength. The
Relative Strength Index was seen moving above the half-line which
meant that buyers were overpowering sellers at the time of writing.
Solana price also was seen above the 20-SMA line which meant that
buyers were driving the price momentum in the market. This could be
bullish price action for the coin. If buyers hold their position in
the market, SOL could break its consolidation soon. Related
Reading: Solana Hot Wallets Suffer Ongoing Attack, Roughly $5M
Stolen Thus Far SOL’s technical outlook hinted towards bullishness
on the chart. Moving Average Convergence Divergence indicated the
price momentum and change in the trend. MACD flashed green
histograms after a bullish crossover. This reading was tied to buy
signal for Solana. Bollinger Bands depict price volatility and
price fluctuation. The bands were wide and parallel which meant
that Solana price will not witness a sharp volatility. Related
Reading: TA: Solana Struggles To Break Key Resistance After $5M
Hack Featured image from US News Money, Charts from TradingView.com
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Feb 2024 to Mar 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Mar 2023 to Mar 2024