SOL Loses $40 Following the Hack, Here's the Next Support (Solana Price Analysis)

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.

Timeline of Solana

Solana was the victim of a $6 million heist that cleared out over 8,000 wallets in the early hours of 3 August. The exploit happened the day after the cross-chain bridge, Nomad, was lost to another hack to the tune of $190 million.

Security researchers at Otter claim they have pinned down what may have caused the Solana wallet breach. The post Slope wallet provider saved user seed phrases in plain text, Solana security researchers find appeared first on The Block.

Pandemonium spread within the crypto community from the early hours of August 3 till the close of the day, due to the multimillion dollar hack that drained over $6 million from most Solana users' wallets. Solana was understandably blamed for the exploit, despite limited information on the nature of the mechanism employed.

Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps. That's what crypto billionaire Sam Bankman-Fried sums of the Layer1 blockchain platform in comments shared with Fortune in an interview.

A postmortem into the recent security exploits on the Solana ecosystem has highlighted Slope as the genesis of the breach, amplifying the calls for a transition to hardware wallets. The post Slope Wallet Blamed for Solana Mayhem – Here's How to Protect Yourself appeared first on BeInCrypto.

In an official statement, Slope confirmed that a "cohort" of wallets were compromised in the breach — and while it has some early theories concerning what happened, nothing's firm yet.

Solana price analysis reveals SOL prices are still holding above $38.88 amid the bearish winds. Solana movement over the last 24 hours shows the prices opened the daily trading session at lows of $38.30 and then proceeded to consolidate around $38.88 with a slight decrease of 0.96 percent.

FTX CEO Sam Bankman-Fried believes Solana is the most underrated token  His comments have come at a time when the network is battling an intense hack that resulted in draining $8 million worth of user funds.  In an interview with Fortune, FTX exchange CEO Sam Bankman Fried outlined his opinions on Solana cryptocurrency.

The team behind the Solana (SOL) blockchain has tied the widespread hack that affected over 8,000 wallets and resulted in the loss of over USD 8m worth of funds to the closed-source Slope wallet.

Solana users felt vulnerable and trembled with fear of losing tokens since the time Solana wallets were hit. Coming forward to elucidate what actually happened, the platform now released some assertions on Twitter.  With the skepticism going around the Solana wallets being hit, users had started believing in a number of different stories.