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Solana

Solana Price Analysis: SOL/USD to break above the daily resistance of $220

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  • Solana price analysis is bullish today.
  • SOL/USD is presently at $214.
  • next resistance at $220.

The technical indicators favor a bullish Solana price prediction today, as we anticipate further improvement after the $190 support prevented further decline overnight. Next up is the $220 resistance.

As we can see today, SOL/USD is presently trading at $214, up 2% since yesterday. Having tested the $190 support level yet again, buyers took control resulting in an increase above $215 followed by a high volume break above the $220 resistance zone in a convincing way. As a result of today’s rise in value past the prevailing trend line, we can safely assume that the price is now in an upwards trend.

While there is a strong likelihood of a downwards price swing in the coming weeks and months, it appears that there is clear upside potential now with resistance at $220, which has recently been tested successfully. As such, we anticipate further improvement after the $190 support prevented further decline overnight. Next up is the $220 resistance.

We can see that today, SOL/USD is trading at $214, up 1% since this time yesterday, and having tested the $190 support level yet again, buyers took control, increasing from $215, followed by a high volume break above $220 resistance zone in a convincing way. As a result of today’s rise in value past the prevailing trend line, we can safely assume that the price is now in an upwards trend and trading within an ascending channel on the daily chart.

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SOL/USD 4-hour chart: SOL to test $220 resistance next?

On the 4-hour chart, we can see that Solana prices have been rising this morning, most likely resulting in a test of $220 resistance.

Solana Price Analysis: SOL/USD to break above the daily resistance of $220 1
SOL/USD 4-hour chart. Source: TradingView

Over the previous weeks, Solana price action has seen a lot of selling returns. A substantial rise began in November and culminated in a new all-time high of $260.

The pair then retraced to the $210 level and bounced. A week later, it reached the $220 mark before falling back. The fall accelerated after a modest increase on November 13th, pushing the price down to the $220 mark. Support was initially keeping further losses at bay, resulting in a little consolidation.

However, on Saturday afternoon, the price of Solana dropped significantly after breaking below its 61.8% Fibonacci retracement level. This was immediately followed by a more significant break lower, bringing the Solana price to $190. A minor reaction up followed, with the swing low re-tested overnight. SOL/USD should see a higher reaction as further downside could not be ruled out; the closest support is $210.

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Solana Price Analysis: Conclusion 

Solana price analysis is bullish today, and we anticipate further gains following the $190 support broke and stopped additional selling. As a result, SOL/USD should next attempt to revisit the closest resistance at $220.

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Solana

$2.6 Billion Bug in Solana Program Library Disclosed: Details

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Researchers from Neodyme, a boutique team focused on security audits, noticed a critical vulnerability in Solana’s codebase

In their latest blog post, crypto security researchers from Neodyme shared the design of an attack that may be profitable for “expensive” tokens integrated into Solana (SOL) ecosystem.

“One Lambo per hour”

As per the announcement shared in Neodyme’s social network and blog, its members noticed a bug in the token-lending contract of the Solana Program Library. As such, it affected numerous Solana-based DeFi protocols.

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Aggregated total value locked (TVL) at risk was over $2,600,000,000. The design of the hypothetical attack was quite simple: while depositing n fractional tokens, a user is able to withdraw n+1 fractional tokens.

With Solana’s native token, SOL, it will not be effective economically, as 1 Lamport (the smallest fraction of SOL, like Satoshi for Bitcoin, Wei for Ether and Drop for XRP) is only worth about $0.000000220.

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However, for Ether and Bitcoin, this scenario can be very profitable. With some technical upgrades, the attack can be executed about 300 times per second. In this case, losses can be dramatic:

We can get this transaction included about 300 times per second, stealing $7500 per second or about $27 million an hour (that is one Lamborghini Huracan every minute).

Bug fixed

In automated mode, this attack becomes profitable even for FTT and RAY tokens.

On Dec. 2-4, Neodyme’s representatives contacted a number of decentralized finance protocols (DeFis) on Solana, e.g., Larix, Solend, Tulip, Accumen, Soda and so on.

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All teams fixed the bugs in their architecture. Yesterday, software engineer Jordan Audet-Sexton shared in GitHub that the issue is fixed in Solana’s main codebase as well.

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Ethereum

Here’s What’s Next for Ethereum Rivals Solana and Avalanche, According to Analyst Nicholas Merten

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Prominent crypto analyst Nicholas Merten is taking a look at two layer-1 digital assets stacked up against the Ethereum (ETH) trading pair.

In a new strategy session, the host of DataDash tells his 486,000 YouTube subscribers where he thinks smart contract platforms Avalanche (AVAX) and Solana (SOL) are headed.

According to Merten, it is better to compare both coins to ETH rather than the US dollar or Bitcoin (BTC) as Ethereum’s greater success in recent years makes it a better barometer than Bitcoin.

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“If you’re really looking to see if your play is outpacing others in the market, you want to take a look against Ethereum. It is the second-largest cryptocurrency in this space and it has been outpacing Bitcoin around 380% to 400% in this cycle alone since 2019.

So we want to be able to find plays that are outpacing Ethereum because Ethereum is a really solid bet. It’s a really good medium-risk, medium-reward play.”

Source: Nicholas Merten/YouTube

Looking at Avalanche, Merten says that a local top might be in for the AVAX against ETH after the altcoin’s massive rally in the last few months.

“Avalanche has done phenomenally well against Ethereum. If you take a look back here since August, it’s up 422% against Ethereum. Great rally, even after the [recent] pullback here…

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When I look at this chart I definitely like seeing an asset that performs well against Ethereum, but each time it’s come up to this range [0.034 ETH or $139.21] historically, it’s been dragged down…  

I think that again we might see some kind of repetition, or at least a revisit down to the previous support range [0.014 ETH or $57.32], which means that’s it probably going to go down a little over 35% to 40% against Ethereum. A pretty decent decline.

At time of writing, AVAX is down 1% on the day to $107.20.

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As for Solana’s price action against Ethereum, Merten notes that the pair is flashing a bearish pattern after printing massive rallies in the last 18 months.

But to be completely frank as a trader, Solana’s had many rallies in the past. It’s had one back here [from July to August of 2020], 336% rally in price. Then back here [December of 2020], if you want to take from the lows, in this case, 1,000% move, massive multiples in price.

We take a look here as well, from the recent rally here [August 2021] into September, very similar to history, a little over 350% to 400%. Not a bad rally.

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But to be completely frank, we’ve been stagnant since September generally. The trend is starting to fade here. We don’t have that same momentum, and it’s seeing if it can hold out against Ethereum.

If you break below this range here [0.046 ETH or $188], I think it’s very favorable that Ethereum is going to start to outpace Solana as well as other major layer-1 plays.”

Source: Nicholas Merten/YouTube

Solana is currently down nearly 10% and trading at $203.79.

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Solana

Solana Price Analysis: SOL spikes to $170, swift retracement to follow?

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  • Solana price analysis is bullish today.
  • Rejection was seen at $170.
  • SOL/USD set to retrace previous loss next.

Solana price analysis is bullish today as further downside was rejected at $170 after a strong decline over the last 24 hours. Therefore, we can assume SOL/USD has set a new low, and recovery will be seen over the next 24 hours.

Solana Price Analysis: SOL  spikes to $170, swift retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

Overall, the cryptocurrency market has seen a strong decline over the last 24 hours. The market leaders, Bitcoin and Ethereum, have seen a strong decline of 16.94 and 14.65 percent, while Solana (SOL) has lost around 19 percent.

Solana price movement in the last 24 hours: Solana drops further, finds support at $170

SOL/USD traded in a range of $181.46 – $239.12, indicating extreme volatility over the last 24 hours. Trading volume has increased by 75 percent, totaling $6.48 billion, while the total market cap trades around $58.9 billion, ranking the coin in 5th place overall.

SOL/USD 4-hour chart: SOL looks to recover? 

On the 4-hour chart, we can see bullish momentum returning for the Solana price action today as bears are finally exhausted.

Solana Price Analysis: SOL  spikes to $170, retracement to follow?
SOL/USD 4-hour chart. Source: TradingView

Solana price saw strong bullish momentum push the price higher for most of the week after support was found around $185 last weekend. However, yesterday, SOL/USD peaked at $244, leading to a drop lower during the second half of the day.

Overnight, bearish momentum continued pushing lower, with the $185 previous low broken. Further downside followed in the morning as bears briefly touched the $170 mark.

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However, from there, a quick reaction higher was seen this morning and is currently still in play. Likely we will see the Solana price action continue higher later in the day, as bulls are eager to regain some of the loss seen earlier.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today as we saw quick rejection from the $170 mark this morning. Therefore, a new swing low has been set, likely leading to recovery over the next 24 hours.

While waiting for Solana to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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