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

Key Support levels: $35, $27

Key Resistance levels: $44, $59

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

Chart by TradingView

Technical Indicators

Trading Volume: The volume is in red and exploded yesterday when this news broke out. Many users rushed to either sell or move their coins to safety.

RSI: The daily RSI fell under 50 points. This is bearish and may indicate SOL is due for a longer correction.

MACD: The daily MACD did a bearish cross yesterday. This is significant and may push SOL’s price towards $35 or even lower over the coming days.

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

Bias

The short-term bias for SOL is bearish.

Short-Term Prediction for SOL Price

SOL’s price has lost its uptrend momentum, and a break below the current ascending triangle will confirm it. If so, it’s likely that the cryptocurrency will retest the support at $35. Since this downtrend momentum just started, it may take quite some time for Solana to reverse it.

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