SOL drops to the 50-day moving-average support level as investors vent frustration over the latest security breach in the Solana ecosystem. reports godbole17
What's helping the token stay resilient? According to observers, SOL's oversold status and continued holding by large investors, or whales, seem to be supporting the cryptocurrency.
Mumbai-based crypto asset management firm MintingM said:"The SOL supply is controlled by whales and it appears they are holding on to their coin stash." Today's muted response echoes the aftermath of June's disruption to the Solana-based borrowing and lending service Solend.: a whale whose extremely large margin position was getting close to liquidation. The move aimed at mitigating liquidation risk was heavily criticized on social media as being the antithesis to the concept of decentralized or democratized finance. Yet, SOL jumped over 6% on the same day and gained another 20% in the following six days.
Just as the cryptocurrency sailed through the Solend issue, it will most likely sail through the current hack, MintingM said. Matthew Dibb, COO and co-founder of Stack Funds, said,"Sol has been underperforming relative to other Layer 1s recently, however, it is proving relatively stable given the hack today." Nevertheless, he said he expects continued selling pressure over the short run as details of the hack emerge.
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