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What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours?

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What Is FLOW Blockchain And Why Is The Price Up 100% In The Last 24 Hours?

Anyone looking at the charts will have seen FLOW due to the incredible rally that its price has been on. The digital asset has gone from being in the shadows to be on the radar of crypto investors after growing more than 100% in a single. However, lesser known is the reason behind this rally. In this article, we take a look at FLOW and what has triggered such an increase in price over the past day.

Meta News Is The Catalyst

On Thursday, news broke that Meta (formerly known as Facebook) was moving forward with its NFT plans. It was implementing an NFT feature for its sister platform Instagram across 100 countries. The platform had been going deep into the metaverse and NFT space, and the announcement did not shock the market. However, the long-time coming news came with a new player that had previously not been named in the plan.

Naturally, as NFTs need a blockchain to run on, Meta had to announce the blockchain that it would be using. It went against everyone’s predictions that the social media giant would use one of the leading NFT networks to implement this feature. However, it announced that the FLOW Blockchain would be its official partner to host the NFTs on its blockchain.

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FLOW trading at $2.7 | Source: FLOWUSD on TradingView.com

The news of the announcement quickly circulated, and FLOW blockchain gained more recognition as a result. By the time the day was over, its’ price had already risen more than 100% to be trading above $2.50  as investors flocked to capitalize on this newfound fame.

FLOW Continues To Rise

It has been a day since the Meta news broke, but FLOW has not declined in any way. The digital asset has risen quickly as it garners more support from the crypto community. At the time the news broke on Thursday, FLOW had been trading at around $1.85. At the time of this writing, it is trading as high as $2.74. This registers as a new two-month high for the digital asset.

FLOW blockchain was built by Dapper Labs and launched in September 2019. It has a strong community of supporters, as Dapper Labs had been behind the creation of CryptoKitties back in 2017. When it launched the NBA Top Shot, FLOW blockchain had garnered more attention.

Despite this, though, the blockchain has not been able to reach a point where it was competing with market leaders such as Ethereum and Solana. However, Instagram’s popularity may yet make it a top contender.

FLOW’s rally has pushed it upwards in the market. It is currently the 29th largest cryptocurrency with a market cap of $2.8 billion. This puts it ahead of cryptocurrencies such as ApeCoin, Algorand, and Bitcoin Cash.

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Featured image from The Coin Republic, chart from TradingView.com

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TA – Apecoin Price Rallies Ahead Of The $10 Mark

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TA – Apecoin Price Rallies Ahead Of The $10 Mark

The price of Apecoin (APE) shows strength after bouncing from a weekly low of $3.10 against Tether (USDT).

APE price has seen a relief bounce, with Bitcoin (BTC) rallying from a daily low of $19100 to a region of $23,000. (Data feeds from Binance)

Price Analysis Of APE On The Weekly Chart

Weekly Price Chart Analysis For Ape | Source: APEUSDT On Tradingview.com

From the chart, the price of APE saw a weekly low of around $3.10, which has formed support.

The price has built more momentum as it faces resistance at $10.

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With a break above the $10 mark, the price of APE would rally to $12.

If the price of APE on the weekly chart fails to break the $10 mark, then a retest is bound at $6.7.

The volume shows decent buy bids, pushing the price of APE higher.

Weekly resistance for APE price – $10.

Weekly support for APE price – $6.7.

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Price Analysis Of APE On The Daily (1D) Chart

Daily Price Chart Analysis For Ape | Source: APEUSDT On Tradingview.com

The price of APE found strong support at around $3.4, with what seems to be the bottom on the daily chart.

APE has continued to rally above this support region of $3.4 to a high of $7.7, where it has faced resistance.

At the point of writing, the price of APE is at $7.4, trading above the 50 exponential moving averages (EMA), which corresponds to the support at $6.2. 

APE price would find support at $6.2, which corresponds with the daily 50 EMA if it drops due to weekend sell-offs.

If the 50 EMA region fails to hold the price, $5.2 would be a good support to hold sell-offs and for a possible bounce of APE price.

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With more buy bids, we could see the price of APE retesting at $10, which has been resistance on the daily chart.

The RSI for APE price on the daily chart is above 65, indicating healthy buy bids for APE.

The volume also indicates positive signs for APE prices to trend higher.

Daily (1D) resistance for APE price – $7.7, $10.

Daily (1D) support for Apecoin (APE) price – $6.2, $5.2.

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Price Analysis Of Apecoin On The Four Hourly (4H) Chart

Four Hourly (4H) Price Chart Analysis For APE | Source: APEUSDT On Tradingview.com

The price of APE has shown great strength on the 4H chart after forming support at $4.22. 

APE price has rallied from this region, forming a bullish uptrend channel on the 4H chart.

The price of APE was rejected at $9.10, which saw sell-offs.

APE price is $7.4, trading above the 50 & 200 EMA with prices of $7 and $6.1 on the 4H chart. These prices would act as support areas for APE on the 4H chart.

The price of APE has formed an upward trendline after rallying from a low of $6.50.

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Four Hourly (4H) resistance for APE price – $8, $10.

Four hourly (4h) support for APE price – $7, $6.1.

Featured image from NFT News Pro, Charts from TradingView.com 

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TA: Solana Struggles To Break Key Resistance After $5M Hack

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TA: Solana Struggles To Break Key Resistance After $5M Hack

Solana (SOL) struggles to break key resistance after it suffers a huge loss on a hot wallet hack, losing over $5M creating so much panic in the heart of many faithful. 

The price of SOL looked strong in the early part of the week, trading above $40, trying to break the resistance before having an attack on some wallets drained more than $8 million from Solana users. It now struggles to break above the 50 exponential moving average (EMA) on the one-hour (1H) chart.

SOL Daily Chart Analysis

Solana Daily Price Chart Analysis | Source: SOLUSDT On Tradingview.com

The daily chart for SOL shows it is trading at $38.7 below the 50 & 200 exponential moving average after a reject from reclaiming this region early this week.

This means SOL will need to break above this resistance claimed earlier; this has been a region SOL has struggled to reclaim on the daily chart.

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The volume of SOL indicates there are no buy activities due to the recent incident that has affected the price of SOL.

For SOL to trade higher in price, it needs to break this daily resistance of $40.9; else, we could see some pullbacks to the region of $36.6 if bulls do not step in.

The region of $36.6 is a strong demand zone where more buyers in recent times have seen SOL in a good position to accumulate.

Major resistance on the daily chart – $40.9.

Major support on the daily chart – $36.6, $32.

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SOL Price Analysis On The 4H Chart

Solana 4H Price Analysis | Source: SOLUSDT On Tradingview.com

The price of SOL on the 4H chart shows the price is on a downtrend with swing lows respecting the trendline acting as resistance.

SOL needs to break to the upside of this channel for a change in trend.

SOL is trading below the 50 & 200 EMA, indicating a downtrend direction for the period until a reclaim of the resistance level above the $40 mark before a trend shift can occur.

If SOL fails to reclaim and break above the resistance of $40, it would likely revisit the 4H support region of $35 and $32.

The volume on the SOL chart indicates more sell pressure compared to buys, and if bulls are unwilling to step in, then support areas would be ideal for SOL to build more buy bids.

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The relative strength Index (RSI) for SOL is below the 40 mark, indicating more sales than buys for now.

Resistance on the 4H chart – $40.9.

Support on the 4H chart – $35, $32.

SOL 1H Chart Analysis 

Solana 1H Chart Analysis | Source: SOLUSDT On Tradingview.com

The price of SOL on the one hourly timeframe is in an asymmetric triangle indicating a crucial time for SOL price. There would be a breakout from this region to the chart’s upside or downside. 

A breakout to the upside, SOL will need to overcome the resistance at the $39.7 and $40.9 region for more upside.

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A breakout to the downside, SOL will need to hold the supports at the region of $37.7 and $35; else, we could visit more regions with a high demand of $32

Resistance on the 1H chart – $39.7, $40.9.

Support on the 1H chart – $37.7, $35.

Featured image from Analytics Insight, Charts from TradingView.com 

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Solana’s Investigation Indicates Wallet Exploit Tied To Slope Mobile App

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Solana’s Investigation Indicates Wallet Exploit Tied To Slope Mobile App

Following the Solana wallet attack, the Solana Status team updated the public and detailed that the wallet addresses affected by the breach were tied to Slope mobile wallet applications. The team further stressed that “there is no evidence the Solana protocol or its cryptography was compromised.”

Solana Status Report Says Affected Addresses Were at One Point Created in Slope Mobile Wallet Applications

During the last 48 hours, the Solana team has been dealing with an attack that saw thousands of Solana-based wallets compromised. At the time, Solana Labs co-founder and CEO Anatoly Yakovenko thought the exploit possibly stemmed from a supply chain attack. He explained that iOS and Android wallets were affected when he said: “most of the reports are Slope, but a few Phantom users as well.”

On August 3, 2022, the Solana Status Twitter account explained that the addresses affected in the hack were tethered to Slope mobile wallet applications. “After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications,” Solana Status wrote. “This exploit was isolated to one wallet on Solana, and hardware wallets used by Slope remain secure.” Solana Status said:

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While the details of exactly how this occurred are still under investigation, private key information was inadvertently transmitted to an application monitoring service. There is no evidence the Solana protocol or its cryptography was compromised.

Slope Finance published an official statement from the wallet team and breach details are vague. Slope said “A cohort of Slope wallets were compromised in the breach, we have some hypotheses as to the nature of the breach, but nothing is yet firm, [and] we feel the community’s pain, and we were not immune. Many of our own staff and founders’ wallets were drained.” Slope also added that the team was actively conducting internal investigations and audits, while working with security and audit groups.

Security Experts Say Slope’s Seed Phrases Were Logged in Readable Plaintext

During the official statement, the Slope team further recommended that Slope wallet users “create a new and unique seed phrase wallet, and transfer all assets to this new wallet.” Slope added:

If you are using a hardware wallet, your keys have not been compromised.

Data from Dune Analytics shows that there were more unique addresses that were affected by the breach than initially reported. Statistics show that 9,223 unique addresses suffered from the bug and $4,088,121 in crypto was stolen. Most of the assets hacked were made up of solana (SOL) and SOL-based USDC.

It is being said that Slope’s mnemonic seed phrases transferred to Slope’s server were logged in readable text. The Slope wallet team allegedly stored the mnemonics in debug logging software via a centralized Sentry server. Security experts at Ottersec detailed that “anybody with access to Sentry could access [a] user’s private keys.” Ottersec also noted that the Slope team was “very helpful in sharing data related to the hack.”

Tags in this story

altcoin, Altcoins, Anatoly Yakovenko, Dune Analytics, Exploit, Hacker, Hackers, Phantom, Slope, Slope App, Slope Finance, Slope Mobile, Slope Wallet, SOL, SOL wallet hack, SOL-based USDC, Solana, Solana Labs CEO, Solana Labs co-founder, Solana Wallet Exploit, Vulnerability

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What do you think about the issues with Slope wallet and the recent exploit that affected Solana users? Let us know your thoughts about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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