Solana Price May Moon Despite Recent Hack

Solana wallets experienced a widespread hack of unknown origin.
However, the news did very little FUD to the price of Solana (SOL).
Solana is changing hands at $40.35, as per CoinGecko.

Despite a widespread hack that led to the draining of huge amounts of money, the price of Solana (SOL) may increase in the coming days.

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Specifically, SOL price remains in the attractive ‘buy’ zone. In fact, the hack has done nothing but shake some value off Solana’s market capitalization a couple of hours after initial reports.

SOL/USDT 4-hr chart (source: TradingView)

As seen on the chart above, SOL has been on a downtrend approaching August. This downward slope has culminated in a sell-off at $37. Interestingly, the price has since returned to $40 when people expected SOL to plummet. As such, it shows that there is massive support at the $40 level.

Furthermore, the Relative Strength Index (RSI) at 50 shows that SOL is far from being oversold.

SOL/USDT 1-day chart (source: TradingView)

What is more, SOL price is now back at levels before the astonishing bull run back in September 2021.

There may be two possible scenarios in the next months to come. The first is SOL price will be trading from $30-$40. However, SOL has little chance of going down to $20 since the recent news, which was expected to spread FUD, has shown a negligible effect on the price of Solana.

The second scenario is that SOL price will go up from $60-$80 in the coming months. However, geopolitical tensions must ease—even gradually, at least—to give people some interest in investing once again.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.