SOL, which is the native token of Solana, is a highly-preferred asset that has a market capitalization in excess of $13.6 billion. Yesterday’s price drop was below the 20-day EMA ($40), and it fell to the 50 day SMA ($37). This dip could be caused by the negative publicity that the asset received over the $8 million user fund being taken out of it by unknown hackers from Solana-based hotwallets such as Phantom, TrustWallet, and Slope. This made the Solana ecosystem one of the most affected by the hacking of crypto assets.
Read more: Solana Ecosystem Under Attack
SOL traded at $39.7 as of the writing.
Solana (SOL) Chart
SOL created a ‘Shooting Star (Bearish-looking) candle at $143 on 2 April and plunged almost 81% in three months to the lowest point of $25.86. The asset formed a Tweezer Bottom’ formation at the low, and then rallied to $47.36. SOL trades in a Symmetrical triangle’ pattern. The ascending trendline acts like a support, while the descending trendline acts like a strong resistance. The trend will be further determined by breakouts that occur on either side of this pattern, if there are good volumes.
Support 1AssetResistance 1Resistance 2$25$32SOL$48$60
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