Solana-based Cypher Protocol Suffers $1M Exploit

Cypher Protocol, a decentralized futures exchange operating on the Solana blockchain, disclosed on August 7th that a significant security breach occurred on their platform. The breach led to an estimated unauthorized transfer of assets valued at around $1 million.

Timeline of Solana

The Solana price experienced notable gains in mid-June, but a recent correction phase has pulled it down to $22, which has found strong support. The technical outlook currently leans towards the bears, suggesting a potential slight dip before a possible turnaround.

Solana Price Analysis: The recent correction phase in Solana price found suitable support at $22.7. This horizontal level combined with the 50% Fibonacci replacement level, creates a strong demand zone for market participants.

Solana dropped for a third consecutive session on Tuesday, as the token started the month of August nearly 5% lower. Overall, the global market cap was mostly in the red, dropping by 1.44% as of writing. Stellar fell to a one-week low, following a four-day losing streak of its own.

Solana (SOL) has experienced a notable downturn recently, unable to sustain itself above the $32 mark. The altcoin remains below a strong resistance level, but a potential breakthrough could lead to a 20% price appreciation.

The crypto market witnessed heightened volatility last week, with most coins observing steep declines. However, today, June 27, the market has registered a slight recovery as most coins posted a few gains, but SOL's gain is the most notable among all.

The NFT narrative once centered on a small group of crypto-rich individuals flaunting their success with incomprehensibly expensive digital assets, exclusive to their wallet addresses.

Since June 10, the price of Solana (SOL) has experienced a strong upward surge, resulting in a new yearly high of $32.13. This also caused a breakout from a long-term descending resistance line.

In response to the current correction phase in the crypto market, the Solana price witnessed a price drop from a $32.16 high to a $22.73 low. This two weeks' downfall registered a 30% loss offering a pullback opportunity to the traders who missed the initial rally.

Cryptocurrency investment products focused on three major altcoins – Stellar ($XLM), $XRP, and Solana ($SOL ) – all saw major inflows this month, which led to significant rises in their assets under management, even though the main surge in assets under management came from Bitcoin ($BTC) products.

Solana ended a two-day losing streak on Wednesday, as the token surged by as much as 7% in today's session. The move came following a two-week low on Tuesday, as markets slipped after recent highs. XRP also edged higher, and currently hovers near a key price floor.