October 2, 2022


Solana’s price is in bad shape after thousands of wallets were drained of their assets due to an exploit.

Basic support levels: $35, $27

Key resistance levels: $44, $59

Solana’s headaches seem to have no end, from the network shutdown to now an exploit that allowed hackers to drain money using private keys. The price did not hesitate to react and quickly fell to $38. Stable support is at $35. Fortunately, only certain wallets were affected and the Solana network is not compromised.

SOLUSDT_2022-08-04_14-59-42
Chart by TradingView

Technical indicators

Trading volume: The volume is red and popped yesterday when this news broke. Many users rushed to either sell or move their coins to a safe place.

RSI: The daily RSI dropped below 50 points. This is bearish and may indicate that SOL is due for a larger correction.

MACD: The daily MACD made a bearish crossover yesterday. This is significant and may push the price of SOL to $35 or even lower in the coming days.

SOLUSDT_2022-08-04_14-59-23
Chart by TradingView

Prejudice

The short-term bias for SOL is bearish.

Short term forecast for SOL price

SOL price has lost its uptrend momentum and a break below the current ascending triangle will confirm this. If so, the cryptocurrency is likely to retest the $35 support. Since this downward trend has just begun, it may take some time for Solana to reverse it.

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Cryptocurrency Charts from TradingView.



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