During the recent bull market, Solana gained tremendous momentum as it was then seen as a genuine competitor to crypto market leader Ethereum. At the moment, various security breaches and power outages have hampered Solana. The attacks, including the breach of the lending platform Mango Markets, caused a loss of more than $100 billion. SOL suffered a loss of around 25%, severely affecting investor confidence. The price of the asset had a marginal increase while the volume has fallen by 12.96%.
At the time of writing, SOL was trading at $12.06
SOL after making the low of $10.94 showed promising signs of recovery and surged almost by 37% up to $14.98. The asset faced stiff resistance at $15 and started to consolidate between $15 to $12.75. SOL gave a breakout below the range and made the weekly low of $11.55. The asset has strong support at $11 (previous low), if it holds and sustains above the support then we can expect the bulls to resume the up-move whereas a break or close below the support will lead to further downfall.
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