Solana SOL/USD is trading at $172.98, with a dip of 0.14% in the last 24 hours. The dip came after the users witnessed an NFT hack, in spite of the growing institutional use case of SOL.
The hack was an alarming incident involving Frank (Rohun Vora), the guy behind the DeGods NFT project. Vora's Solana wallet got hacked, and led to the sale of 16 DeGods NFTs, including a rare mythical helmet. The NFTs were sold for over 108 SOL, which is around $19,000. According to Decrypt, Vora did not sell the NFT's on his own as it was due to a security breach.
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According to The CoinRepublic, Solana's layer 2 ambitions have gotten a major boost with Solaxy, Solana's first layer 2 solution, raising an impressive $36 million in funding. The ICO has gained over $600,000 in the past 24 hours, boosting investor confidence in Solana's layer 2 solutions and scalability.
The Sygnum Bank, a digital asset bank out of Switzerland, has signed an agreement to begin accepting staked Solana as collateral for loans. Institutional clients can get liquidity while still earning staking rewards. Sygnum’s loan volumes have doubled in the past year.
The Market Value to Realized Value (MVRV) ratio sits at 1.3 because SOL isn't in the overbought zone. It gives users some breathing space for the Solana price to potentially rise further. According to BeInCrypto, there could be an opportunity for investors to scoop up more SOL.
According to BeInCrypto, Solana is getting close to what's known as a “Golden Cross” as the 50-day moving average climbed above the 200-day moving average. If this happens, we could be looking at a potential rally of around 50%.
Analysts note that the token has formed a bullish "cup and handle" pattern, a continuation structure that usually precedes an upward breakout. According to crypto analyst Ali, a successful move above the $200 level could confirm the bullish formation.
Signalling an upward momentum and growing investor confidence, Ali believes it could lead to higher buying pressure and a spike in SOL prices.
The $200 mark seems to be a tipping point, with a breakout propelling Solana to $220 and all-time highs.
Currently, Solana is trading in the $170-$185 range, with the price retracing from the recent highs. The price broke above the 200-day EMA at $162.21 and the 200-day SMA at $181.16, indicating upward momentum before facing rejection at the $185 resistance.
On the downside, the support at $162 remains crucial. A break below this region could trigger bearish momentum, pushing Solana prices down to $150.
Amidst the ups and downs, the core fundamentals for Solana are still looking solid. Investors should keep a close watch on all these developments as Solana price tries to find its footing.
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