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Impact on SOL Price after Solana Wallets Hacked!

Impact on SOL Price after Solana Wallet Hack News

Key Takeaways 

Impact on SOL Price after Solana Wallet Hack News

Solana platform has been breached multiple times since the beginning of the year and while the protocol claims to have withstood the flaws, another attack has shaken the crypto space. In a recent update, Solana crypto wallets were targeted and the SOL tokens were squeezed out after gaining access to the private keys. 

The Solana crypto hot wallets including Phantom, Slope, and Trustwallet were targeted, heavily impacting the mobile users. Moreover, third-party service is also suspected to have been hacked. On the other hand, the wallet providers Phantom & Magic Eden have already confirmed the attack and asked users to revoke permissions for any suspicious links.

Conversely, the SOL price was adversely impacted following the attack. The asset had gained more than 6% prior to the attack and following the hack, the price drained nearly 12% to reach the lows at around $37.40 and rebounded fairly. At the press time, the SOL price is around $39.52 with a drain of around -2.54% from the previous day’s close. 

Check Solana Crypto INR Price, Charts, & Data.

Solana Price Technical Analysis 

Solana’s price is bearish today as the asset continues to drain that it ignited during the previous month’s close. Initially, the SOL price dropped more than 4% in the first few hours marking the lows at around $38 and currently settling close to $40. The asset is expected to be surrounded by bears who may attempt hard to slash the price close to $25

The selling pressure may go on a rise, dragging the price below the crucial moving averages in the daily time frame. However, a bullish divergence could propel the price toward the north beyond $50 initially and later beyond $60. Conversely, the broader market is displaying some mixed reactions and minor declines. 

Solana Users Urged to Shift to Cold Wallets

Cold wallets are wallets that are not connected to the internet and hence carry fewer possibilities of being compromised. These can also be called offline wallets or hardware wallets, unlike hot wallets which are connected to the internet. Cold wallets are generally considered for long-term investment. 

After the recent hack, the need for Solana cold wallets has surfaced in the waters. Prominent figures within the crypto space raised their voice and urged the Solana community to transfer their hot wallet holdings to their respective cold wallets. 

On the other hand, the Cardano ecosystem took the advantage of the hack and said that the Solana preferred speed over security. Therefore Cardano will move as per its pace and achieve the target. 

Additional Read: Solana Wallet Attack Update

How to Keep your Crypto Safe

As the popularity of the cryptos has widened, the need of securing the holdings has become very much important. 

Importance of Crypto Portfolio Diversification

Allocating your investment in a wide range of assets may help you to hold the principal amount in times of a bearish market. Using the diversification strategies, one can easily the investment goals, protecting the funds and getting exposed to cryptos for the long term.

Diversification reduces the possibility of risks, smooths out the returns and also helps to improve long-term portfolio performance. For effective diversification, one has to invest in more than one coin or token. You can choose different cryptocurrencies with diversified fundamental values or with different potential valuations. 

Additional Read: How to Diversify Your Portfolio 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to

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