After the news of the Solana hack broke out, cryptocurrency markets slowed down significantly, with trading volume dropping sharply. Ethereum continues to hold at the $1,600 level, and Bitcoin is testing support at the $23.8k range as the global cryptocurrency market cap remains above $1 trillion. The sideways trading for most digital assets continues this week, as most cryptocurrencies see little movement in either direction.
After dropping from the $1,700 range last week, Ethereum has found its new sideways trading range in the $1,600s. While the cryptocurrency shows some volatility, ETHUSD remains within a fixed range.
With the Solana hack news trending, Ethereum and Bitcoin will likely face additional bearish momentum during the next few days, causing ETH to test the $1,600 support. We’ll probably see ETH drop below $1,600 before attempting to establish another bull run to the $1,700 range.
While many traders expected SOL’s price to show a substantial decline after the news of the multi-million dollar hack broke out, the cryptocurrency is holding support relatively well, mitigating most bearish pressure this Thursday.
Solana is trading at $39.17, down only 3.41% in the past 24 hours. What’s more concerning is the 42% drop in the 24-hour trading volume for Solana, which means the market is losing momentum quickly. A few large sell orders could significantly affect Solana’s price, causing a cascade effect and initiating a correction.
The good news regarding the Solana hack is that the network’s cryptography seems unaffected, as most hacked users had a Slope wallet at some point.
There is no evidence the Solana protocol or its cryptography was compromised.
3/3
— Solana Status (@SolanaStatus) August 3, 2022
All evidence leads to a vulnerability with the Slope service, causing private keys to be leaked via an unknown attack vector.
The global cryptocurrency market cap remains healthy, with a current valuation of $1.075 trillion. As long as the market remains above $1 trillion, there’s ample opportunity for various crypto assets to show substantial bullish momentum in the next few days.
However, with the sharp decrease in trading volume today, we’re unlikely to see significant market movements this weekend.
Moreover, BTC dominance remains above 40%, with ETH dominance at 18.5%. While many traders anticipate Ethereum’s market dominance to increase as the September merge date approaches, so far, there’s little activity for either ETH or BTC.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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