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Solana (SOL)

Solana’s Impressive Market Performance Was Followed by Cover-Up of Additional 12 Million Coins in Secret Wallet

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The CEO of Cyber Capital, Justin Bons, has uncovered the fact that the Solana project had an additional 12 million coins hidden in a “market maker” wallet, which makes the total circulating supply 20 million instead of 8 million.

According to Bons, Solana has been covering up the fact that there are an additional 12 million undisclosed coins in existence. After a third-party audit, the “secret” wallet has been found, which later led to a Medium article by the project’s officials, explaining the “cover-up.”

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In the explanation, the team stated that those coins have been used for market-making purposes only. The team has also promised to burn those coins in a 30-day period since they were initially loaned to the market maker.

On May 23, according to Bons, Solana announced that it took back 3.3 million coins out of a total of 11.3 million loaned. In order to fulfill its promise, Solana released eight million new coins and burned them afterward, Bons said.

Currently, Solana’s circulating supply is way past the initially stated 8 million and sitting at around 300 million, but the fate of the undisclosed ~12 million coins remains unclear.

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Besides problems with the issuance, Solana’s price has been steadily rising and remains among the top performers since August. Solana’s price has increased by 739% and is now trading at $247 with 20% growth in the past week besides market correction or consolidation.

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Solana Forecast SOL/USD December 8, 2021

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SOL/USD are traded at 198.48 and continue to move as part of a bullish correction and a downward channel. Moving averages indicate a short-term bearish trend in Solana. Prices are bouncing again from the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the resistance level near the 210.55 area. Where can we expect a rebound again and the continuation of the fall in the Solana rate with a potential target below the level of 155.05.

Solana Forecast SOL/USD December 8, 2021

A test of the trend line on the relative strength index (RSI) will be in favor of falling quotes and the SOL/USD rate. The second signal will be a rebound from the upper border of the descending channel. Cancellation of the coin falling option will be a strong growth in the value of the asset and a breakdown of the 245.05 area. This will indicate a breakdown of the resistance area and continued growth in the cryptocurrency rate with a potential target above the level of 285.05. With the breakdown of the support area and closing of quotations below the level of 165.05, we should expect confirmation of a fall in the price because the breakdown of the lower border of the descending channel will take place.

Solana Forecast SOL/USD December 8, 2021

Solana Forecast SOL/USD December 8, 2021 suggests an attempt to correct and test the resistance area near the level of 210.55. Where can we expect a rebound and the continuation of the fall of SOL/USD to the area below the level of 155.05. An additional signal in favor of reducing Solana will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 245.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 285.05.

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Solana price eyes 25% gains as SOL slows down its retracement

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  • Solana price is likely to rally 25% from its current position and retest the $240 level.
  • However, bears might push SOL below the weekly low at $176 before buyers trigger a 35% ascent to $240.
  • A swing low below $163 will invalidate the bullish thesis.

Solana price performance has been falling short of late, especially after the December 4 flash crash. But things could be due for a change as SOL presents a buy opportunity that might get more attractive if trapped bears decide to join the party.

Solana price vies to retest old highs

Solana price rose 14% to set up a swing high at $204 between December 6 and December 7. This run-up failed to collect the liquidity resting above $207 and has since retraced 6% to where it currently trades – $190.

Depending on where bulls decide to make a comeback, SOL looks to sweep the swing high at $240 and collect the buy-stop liquidity resting above it. From the current position, this run-up would constitute a 25% ascent.

However, there is a chance that investors might not be done booking profits. In such a situation, Solana price might decide to sweep the weekly low at $176 before it triggers an upswing. In this situation, SOL will aim for a 17% climb to $207. If the buying pressure continues to pour in, the “Ethereum killer” could make its way to $228 and, eventually, the $240 hurdle. In the latter scenario, a move from $176 to $240 would represent a 35% gain for SOL.

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SOL/USDT 4-hour chart

SOL/USDT 4-hour chart

While things are looking up for Solana, a breakdown of the $171 support floor will indicate that buyers are taking their sweet time to make a comeback. As long as the bullish momentum kick-starts here, SOL is in the safe zone. However, if the bears decide to knock SOL down to produce a swing low below $163, it will invalidate the bullish thesis outlined above.

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Solana Price Analysis: SOL sets lower high at $204, slowly moves into a consolidation?

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  • Solana price analysis is bearish today.
  • SOL/USD saw a rally to $204 today.
  • Higher low was previously set at $176.

Solana price analysis is bearish today as we expect the current rally to end with another lower local high set. Since SOL/USD also previously set a higher low, we expect the market to begin consolidating in an increasingly tighter range over the rest of the week.

Solana Price Analysis: SOL sets lower high at $204, slowly moves into a consolidation? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, gained around 4.5 percent, while Solana (SOL) saw a strong increase of over 5 percent.

Solana price movement in the last 24 hours: Solana sets higher low at $176, rallies to $204

SOL/USD traded in a range of $186.20 – $204.12, indicating substantial volatility over the last 24 hours. Trading volume has declined by 19.72 percent, totaling $2.88 billion, while the total market cap trades around $60.18 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL peaks at $204?

On the 4-hour chart, we can see another lower high likely set as further upside was rejected at $204 earlier today.

Solana Price Analysis: SOL sets lower high at $204, moves into a consolidation?
SOL/USD 4-hour chart. Source: TradingView

Solana price action has seen strong volatility over the past weeks. After a sharp rally during the last days of November, a slightly higher high was set at $243, indicating potential reversal forming for the overall bearish trend.

However, a sharp drop lower was seen across the market on Friday, with Solana not being the exception. SOL/USD quickly lost around 30 percent as it spiked to the $170 mark. There, support was quickly found, with the market reacting to $210 rather quickly.

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The follow-up push lower was seen over the weekend, setting a slightly higher low at $176. From the newly found low, the Solana price action saw bullish momentum return overnight to Today. Bullish momentum continued until the $204 mark, likely meaning that another lower high has been established.

Solana Price Analysis: Conclusion 

Solana price analysis is bearish today as we currently expect another push lower after a new lower high set around $204. Likely SOL/USD will move to set another higher low, indicating that the market is trading in an increasingly tighter range.

While waiting for Solana to move further, see our articles on How to mine Monero, XRP vs BTC, and DeFi Wallet Review.

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