Solana price analysis: SOL retraces support after strong bearish movement at $12.95

Solana price analysis for December 16, 2022, reveals the market following a complete bearish movement; however, Solana has obtained massive negative momentum, signifying a decline for the SOL market. The price of Solana has remained negative over the past few hours.

Timeline of Solana

A Decentralized Finance (DeFi) protocol on the Solana blockchain was hacked, resulting in the loss of up to $2 million in user assets. According to sources, an attacker seized control of the Raydium Protocol's owner authority.

Amid the market chaos within the crypto economy and following the climactic FTX collapse, the crypto asset solana has been one of the hardest hit during the last 30 days. Since FTX's fallout, the digital currency lost 8.5% over the last month against the U.S. dollar and to date, it's down 94.

Solana (SOL) Price News: A Decentralized Finance (DeFi) protocol on Solana blockchain experienced an exploit that drained as many as $2 million in user assets. According to reports, owner authority was overtaken by attacker on the Raydium Protocol.

On the day following the implementation by the US Federal Reserve of the 50-basis point hike, Solana (SOL) saw accumulation rather than a sell-off, despite the altcoin's 4% decline. Prices for Bitcoin and Ethereum and other cryptocurrencies fell on December 14 as reports surfaced that the central bank raised its interest rates.

Solana's (SOL) active developers have declined by over 90% to 75 developers from around 2,500 recorded in January, according to Token Terminal data. The post Solana active developers decline 90% in 2022, but SOL devs dispute findings appeared first on CryptoSlate.

In this episode of The Scoop, Solana co-founders Raj Gokal and Anatoly Yakovenko discuss how Solana initially became intertwined with FTX, and when they first started to notice that Sam Bankman-Fried's ambitions diverged from the crypto ethos. The post Why FTX's collapse is a ‘crucible moment' for Solana appeared first on The Block.

In a meeting session hosted on Solana Mobile on twitter, the platform officially announced the saga developer kit program launch in the presence of developers and different partners.

Solana price analysis continues to show a bearish sight, as price trods along a horizontal trend that was set on November 24, around the $13.5 mark. Over the past 24 hours, SOL price jumped as high as $14.42, before receding back to $14.00 at the time of writing.

Solana's [SOL] rebound to the $14.80 price mark prior to the Federal Reserve's meeting on 14 December caused it to lead the cryptocurrency market with the highest intraday rally.

Institutional investors have kept on betting on the smart contract platform Solana ($SOL) through investment products focusing on the cryptocurrency. Their bets come weeks after the collapse of FTX and after SOL's price crashed.