HomeMARKET NEWSSolana bleeds and ETH dips after wormhole bridge hack

Solana bleeds and ETH dips after wormhole bridge hack

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Solana and Ethereum has lost considerable market value over the last 24 hours. Ethereum fell by almost by 8% whereas, Solana recorded a 14% fall at press time. Solana had soared in the last 48 hours as the coin was seen trading above $100, at the time of writing SOL was priced at $96.

Ethereum had also recovered on its chart however, due to broader market weakness the coin dipped at press time. ETH was last seen trading at $2611.80.

Price Analysis: SOL/USD Four Hour Chart

Solana was trading for $96.74, right after trading above $100 mark just a day back. Technical outlook for Solana was quite bearish after the wormhole bridge hack. A Solana’s bridge called wormhole was breached for as much as $320 million. This has indeed fuelled fears in the mind of crypto investors. Soon after this breach, SOL witnessed a selling pressure.

The Relative Strength Index was seen placed below the half-line which indicated selling pressure. Continued selling pressure will cause SOL to trade near the $80 level. Price was seen below the 20-SMA, signifying that sellers dominated price momentum in the market.

Awesome Oscillator was depicted red signal bars which hinted bearishness at the time of writing. Overhead resistance for the coin stood at $102.27 and then at $131.58.

Price Analysis: ETH/USD Four Hour Chart

Ethereum was priced at $2611.80 after dipping around 8% at the time of writing. Overhead resistance for the coin stood at $2795.73, additional resistance was at $3097.36.

Price of the coin was seen below the 20-SMA line, which signals that sellers were in charge of the price momentum. On the flipside, the support level rested at $2530.66.

The Relative Strength Index was seen below the zero-line which meant that selling pressure was more in the market. MACD was bearish as the indicator displayed red histograms after MACD underwent a bearish cross-over.

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