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SOL Loses $40 After The Exploit – What’s The Next Support?

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SOL Loses $40 After The Exploit – What’s The Next Support?

Solana’s price is unstable following an exploit by hackers draining funds with the use of external applications. Around 8,000 wallets were hacked from Phantom and Solana, with roughly $8 million stolen from users. The coin’s price immediately nosedived to $40 with support at $35.

A Solana NFT marketplace, Magic Eden, advised wallet users of Phantom and Solana to revoke their permissions found on the wallet application’s setting.

Fortunately, only some wallets were drained of funds, and the network wasn’t jeopardized in its entirety. Yesterday, the trading volume is in pitch red when the news of the exploit broke out. In an instant, many users were in panic and trying to move or sell their coins

According to CoinMarketCap, the crypto’s price has spiked by 3.07% or at $40.12 as of this writing.

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Chart from TradingView.com

Solana RSI Down 50 Points, Bearish Momentum Seen

The daily chart shows RSI cascading down by 50 points, indicating a bearish trend and an extensive correction.

MACD also showed a bearish cross pattern which may trigger the plunge of SOL closer to $35 or even lower in the next days.

SOL price is now going the bearish lane and a breach below the ascending triangle pattern is bound to validate that. When this happens, SOL should retest at $35. With SOL experiencing a lot of hits, recovery may take some time. On the other hand, crypto experts believe that the SOL price can easily target $50 by the end of the month.

As of this writing, the so-called Ethereum Killer was able to rebound little by little despite the losses. Given the current momentum, there is a possibility for SOL to breach $40.

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Social Engagement For SOL Up 192%

Analysts were able to pinpoint five key indicators that can help with Solana’s comeback which include a surge in trading volume seen in the last 24 hours and also a boost in social media sentiment or Google search volume for Solana.

SOL social media mentions are seen to rise by 64% and social engagement also spiked by 191.7% which indicates an increase in investor interest for Solana.

Currently, the technical analysis of SOL reveals a price increase and a positive market sentiment. Crypto analyst Azeez Mustafa looked at the SOL price charts and noticed that the coin’s bullish movement could skyrocket SOL prices from $70 to $80.

Similarly, @Pentosh1, a famous crypto analyst, believes that the SOL price can storm its way through $42 and can rally from $48 to $60.

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SOL total market cap at $14 billion on the daily chart | Source: TradingView.com    Featured image from FX Empire, Chart from TradingView.com

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Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

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Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As do other tokens.

The token is trying to keep up with the upward tilt. Remarkably, XMR price is trying hard to recover and keep up with the pace but it seems XMR is doing a great job as it’s currently on the green and winging it.

The daily price chart shows that XMR price is trying to soar upwards. Monero is gaining strides as it shoots up close to the top trendline of the channel. In order for XMR to rebound or go through the target resistance, the coin must maintain its current pace in terms of price.

Monero (XMR) Price Surges 4.33%

For XMR to shoot hoops at a bullish pace and breach the ascending parallel channel, the XMR bulls must push through its upward movement. However, it seems the bears are attempting to weaken the XMR market.

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With a frail market, it is challenging for XMR and other cryptocurrencies to recover. XMR investors must hold it off until such time that the bulls can maneuver and maintain the current position found at the top trendline of the ascending parallel channel.

According to CoinMarketCap, Monero price is currently trading at $167.68 or showing off an increase of 4.33%. Trading volume was seen to drop by 6.88% as depicted in the intraday trading session. As of press time, bears try to drag the token towards the lower trendline of the ascending channel.

Bulls’ Accumulation Pivotal For XMR Price Rally

It would need more buyers for XMR price to leap quickly closer to the top trendline of the channel. But, the volume change also indicates that boosting the bulls’ accumulation is pivotal for XMR price to surge. For XMR to show significant recovery on the daily price chart, XMR price must move closer to the upper trendline.

The daily price chart for XMR price shows the formation of a rising parallel channel. More so, the technical indicators for Monero show the token’s downward trend in terms of momentum. RSI at 58 also shows a downward movement for XMR which is gearing close to a neutral zone.

MACD is showing the downward movement of XMR as it glides under the signal line following a failed crossover. Hence, XMR investors will need to wait on the sidelines for any changes on the daily chart.

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XMR total market cap at $3.02 billion on the weekend chart | Source: TradingView.com    Featured image from The Market Periodical, Chart from TradingView.com

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Bitcoin

TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses

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TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses

Bitcoin price started a fresh decline from the $24,250 resistance zone against the US Dollar. BTC declined below $23,000 and remains at a risk of more losses.

  • Bitcoin started a fresh decline below the $23,500 support zone.
  • The price is now trading below the $23,500 level and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $23,250 resistance to start a fresh increase in the near term.

Bitcoin Price Breaks Support

Bitcoin price struggled to gain pace above the $24,000 resistance zone. The price formed a top near $24,285 and started a fresh decline.

There was a clear move below the $23,800 and $23,500 support levels. The bears pushed the pair below the 61.8% Fib retracement level of the upward move from the $22,846 swing low to $24,286 high. Besides, there was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below the $23,500 level and the 100 hourly simple moving average. It is now consolidating above the key $22,650 support zone.

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Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $23,250 level. The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $24,000 resistance.

Downside Break in BTC?

If bitcoin fails to clear the $23,500 resistance zone, it could continue to mov down. An immediate support on the downside is near the $22,650 level.

The next major support now sits near the $22,500 level. A close below the $22,500 level might start a move towards $22,000. If the bears remain in action, there is a risk of a move towards the $21,500 level in the coming sessions. Any more losses might send the price towards $20,500 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $22,650, followed by $22,500.

Major Resistance Levels – $23,250, $23,500 and $24,000.

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Bitcoin

TA: Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase

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TA: Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase

Bitcoin price gained pace above the $23,500 resistance against the US Dollar. BTC could start a fresh increase if it stays above the $23,500 pivot level.

  • Bitcoin started a decent increase above the $23,500 level.
  • The price is now trading above the $23,500 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $24,000 resistance to start a fresh increase in the near term.

Bitcoin Price Remains Supported

Bitcoin price was stable above the $23,000 and $23,200 levels. The price formed a base above the $23,200 level and started a fresh increase.

There was a clear move above the $23,500 resistance zone. The bulls were able to push the price above the $24,000 resistance zone and there was a close above the 100 hourly simple moving average. There was a spike above the $24,200 level.

A high was formed near $24,285 and the price is now correcting lower. There was a break below the $24,000 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high.

However, the price remained stable above the $23,600 level. There is also a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC/USD pair.

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Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $24,000 level. The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $25,000 resistance.

Downside Break in BTC?

If bitcoin fails to clear the $24,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,600 level.

The next major support now sits near the $23,500 level. It is near the 50% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high. A close below the $23,500 level might start a move towards $23,000. Any more losses might send the price towards $22,500 level.

Technical indicators:

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Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $23,600, followed by $23,500.

Major Resistance Levels – $24,000, $24,200 and $24,500.

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