- Solana’s price is looking to return after the network has been exploited via external apps.
- Nearly 8,000 wallets on Solana fell prey to hacking, which drained $ 8 million.
- Analysts estimate Solana’s price could reach the $ 50 target by the end of August 2022.
Solana’s price is struggling to recover from the crash after the blockchain fell prey to a hack via external apps. Users revealed that their funds had been canceled and their wallets had been compromised. The hack claimed 8,000 lives, draining wallets of nearly $ 8 million. These events have led to bearish sentiment among SOL holders and the recent decline of Solana.
Also Read: Three Reasons Why Solana Is A Market Opportunity For Cryptocurrency Bears For Traders
The Solana ecosystem is trying to recover from an 8 million dollar hack
Malicious actors drained nearly 8,000 Solana wallets in the attack on Solana, Slope and Phantom based wallets. Magic Eden, an NFT marketplace on Solana, recommended users of both wallets to revoke permissions in the app’s settings.
After the hack, Solana’s price recovered and slightly recovered the losses. The Ethereum killer continues to trade below $ 40. However, Crowd Wisdom analysts believe the altcoin is likely to break above the $ 40 level if the current momentum continues.
Analysts have identified five key factors contributing to Solana’s rise, an increase in trading volume on the Solana network in the past 24 hours, an increase in Google’s search volume, and social media sentiment for Solana has seen an increase. Ethereum’s killer technical analysis has signaled Solana’s price hike and the overall market sentiment is seen as conducive to Solana’s price hike.
Azeez Mustafa, a cryptocurrency analyst, evaluated Solana’s price chart and noted that SOL is moving sideways. The analyst identified short-term selling pressure and noted that a bullish move could push the SOL price to $ 70, $ 75 and $ 80.
1-day chart SOL-USD
According to data from Lunar Crush, there is a 64% increase in mentions on social media and 191.7% in social engagements. These metrics indicate a growing social dominance and relevance for Solana, seen as a positive sign for the price of the asset. @ Pentosh1, a leading cryptocurrency analyst, believes Solana’s price could rise above $ 42 and point to bullish targets of $ 48, $ 50 and a massive rally to $ 60.
SOL-USDT 1 day price chart
Solana’s competition prepares for the key event, the merger
Ethereum, considered Solana’s biggest competitor and the second largest cryptocurrency by market capitalization, is currently in a downtrend. Analysts assessed whether the upcoming merger, proof-of-work (PoW) to proof-of-stake (PoS) shift is a type of event buy news and sell voice.
Since Solana is considered an alternative to Ethereum, due to its low cost and ease of use, a rise in gas prices on Ethereum or the uncertainty surrounding the altcoin could lead to the adoption of SOL.