Solana made the news yesterday unintentionally when an attacker exploited a hole in the Slope wallet software to steal millions of dollars from thousands of users.
Under Solana’s direction, a full team of developers from several projects set out to examine the occurrence. Finally, it was determined that there was not a universal security weakness in the Solana blockchain.
Sam Bankman-Fried, the creator of FTX, spoke in this context:
“This is a clear example of how something can be completely mispriced…a random dAPP is compromised, but the underlying blockchain is caught in the crossfire. (Just to be clear: Neither the core nor the internal infrastructure had any issues! It was just a single third-party application that some people used”.
Solana has had intermittent trouble with its infrastructure in recent months, and has occasionally had entire network outages. However, this does not diminish the platform’s potential. FTX’s CEO even goes so far as to argue that these failures were essential in order to eventually have a superior product:
“From a technology perspective, there were a lot of issues to overcome. But I think two-thirds of them have already been addressed. I can imagine that we’ll get through the other third as well. Testing limits is the best way to know what is ultimately achievable.”
Only recently, Sam Bankman-Fried told Fortune magazine that SOL was the most undervalued coin on the market.
Technical course markers for Solana
The SOL/USD is now down -2.65 percent at 38.60 dollars. As a result, the cryptocurrency is on track to challenge the support of the 38.2 percent Fibo retracement at $38.67.
If this support is broken on the daily close, losses would accelerate towards the July 26 low of $34.70. Below there, the emphasis would go to the 33.81% Fibo retracement.
On the other side, the psychologically significant $40 level and the 50% Fibo retracement around $42.60 provide resistance.
