Solana’s price has taken a significant hit following an exploit that drained assets from thousands of wallets. The network, however, remains intact, with only certain wallets being compromised. The price reacted sharply, dropping to around $38, with $35 emerging as a critical support level.
Technical Indicators
Trading Volume: A surge in selling volume followed the news of the exploit as users rushed to move assets to safety.
RSI: The daily RSI dropped below 50, signaling a bearish momentum that suggests further downside risk.
MACD: A bearish crossover in the daily MACD indicates a potential continuation of the downtrend, possibly pushing SOL towards $35 or lower.
Bias
The short-term outlook for Solana is bearish.
Short-Term Prediction for SOL Price
With the loss of upward momentum, Solana may struggle to reclaim bullish strength. If the price breaks below the ascending triangle, the next support level at $35 will likely be tested. Given the fresh bearish momentum, it could take considerable time for Solana to reverse this trend.
