Solana has been considered an Ethereum killer due to its superior qualities
The blockchain has been weak to frequent hacks
SOL rose by 11% after the inflation information
Solana SOL/USD has typically been touted as a worthy competitor of Ethereum. Its low transaction prices and excessive speeds have seen the blockchain labeled an Ethereum killer. Nonetheless, Solana has confronted mounting challenges owing to frequent exploits.
Barely per week in the past, Solana wallets have been hacked, with about 8,000 of them focused. The Phantom, TrustWallet, and Slope customers have been all affected. The hack pushed the SOL token to commerce decrease. On August 9, Phantom mentioned its techniques have been uncompromised in the hack. The latest hack is simply certainly one of many who have uncovered the vulnerability of Solana. While the blockchain is touted to develop exponentially, the hacks may harm its credibility.
Wednesday’s inflation information got here optimistic for many cryptocurrencies. Solana token was certainly one of them because it staged recoveries. As of press time, the token was buying and selling up by 11% in the final 24 hours. That illustrates that traders stay optimistic about recoveries. But is SOL now bullish?
SOL eyes a breakout of the resistance after the latest features
Source – TradingView
Technically, SOL is buying and selling at the $43 resistance zone. A MACD crossover may recommend that the cryptocurrency is getting into the bull territory.
At the present value, two eventualities are possible. The first is a break above the $43 resistance. That can be confirmed by the shut of the day by day candle. If SOL efficiently clears $43, that can set it to the subsequent resistance at $60. Alternatively, SOL may slip again to the consolidation zone. In that case, the bull case can be invalidated.
Summary
SOL is bullish, but we’d like to watch for a break above $43. The cryptocurrency may additionally slip again to the consolidation zone if a breakout fails.
