Solana (SOL) plunges 10% in the face of a security breach, what thresholds to monitor?

0


2/2

Solana – Daily Chart

2/2

Investing.com – After consolidating for most of yesterday, seeming to confirm the recent conquest of the key $100 threshold, the cryptocurrency fell sharply last night, losing more than 10% in the space of a few hours .

In addition to suffering from the general bearish sentiment of the crypto market, after , the Solana suffered from a new hacking affair of its network.

Hackers have indeed taken advantage of an exploit on Wormhole, a popular bridge between the Solana and . Bridges are tools that transfer assets and data between two separate blockchains.

Wormhole confirmed the exploit in a tweet overnight Wednesday-Thursday. The hackers allegedly stole over 120,000 wETH by tricking a series of smart contracts on Solana to digitally “sign” on an illicit transaction.

“The attacker could actually be lying about the fact that the signature verification program was running. The signatures weren’t verified at all,” Ethereum developer Kelvin Fichter explained in a tweet notably shared by Coindesk.

“After that it was over. The striker made it look like the keepers had approved a deposit of 120k in Wormhole on Solana, when that was not the case. All the striker had to do next was c was to make their “gaming” money real by withdrawing it to Ethereum,” he continued:

Note that signature verification is an automatic step used by Wormhole to verify transactions between networks.

Technical thresholds to monitor on Solana (SOL)

From a technical point of view, it should be noted that the decline of the Solana since yesterday corresponds to a rejection from a downward trend line visible on the daily chart attached to this article.

A break above $110 would allow this trendline to be crossed, and put the next chart resistance in sight at $130, then that of $150/$155, and that of $170. On the downside, the first credible support visible on the daily chart is at $80.

Responsibility: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link -95