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The Solana value plummeted 7% up to now 24 hours to commerce at $160.89 as of 02:25 a.m. EST on buying and selling quantity that skyrocketed 60% to $3.2 billion.
This drop within the SOL value comes after ZachXBT disclosed {that a} particular entity was laundering cash for the Bybit hack incident by issuing and buying and selling meme cash on Pump.enjoyable.
“On Feb 22 the attacker obtained $1.08M from the Bybit hack to 0x363908df2b0890e7e5c1e403935133094287d7d1 who bridged USDC to Solana,” ZachXBT wrote in in a Feb. 23 Telegram publish.
In keeping with Wu Blockchain, the Bybit exploiter, recognized by tackle 5STkQy…95T7Cq, transferred 60 SOL to 9Gu8v6…aAdqWS. This second tackle then launched a token referred to as QinShihuang (500000), which traded over $26 million.
Bybit Exploiter is laundering cash by issuing Meme tokens on pump enjoyable. Bybit Exploiter: 5STkQy…95T7Cq transferred 60 SOL to 9Gu8v6…aAdqWS, who then launched a token referred to as QinShihuang (500000), which has traded over $26 million. https://t.co/MYHInW4v3Z
— Wu Blockchain (@WuBlockchain) February 23, 2025
Solana Worth Bearish – Potential Reversal Or Additional Decline?
The SOL value has lately been in a corrective part after a robust bullish rally. Based mostly on the seen Elliott Wave construction within the chart, SOL seems to be finishing the fourth wave of a five-wave impulse sample.
The Solana value is at present testing a vital help zone round $150–$160, the place earlier corrections have discovered stability, in accordance with knowledge from GeckoTerminal.
The help zone is aligned with the 200-day Easy Transferring Common (SMA), reinforcing the chance of a possible bounce. Moreover, the sample suggests a possible wave 5 upward motion if help holds. Furthermore, the 50-day SMA, at present at $207.53, considerably above the Solana value, signifies that the latest downturn has damaged beneath short-term development help.
The Relative Power Index (RSI) is at 31.10, approaching oversold territory (beneath 30), which regularly precedes a reversal. Nonetheless, the RSI alone doesn’t verify a bounce, nevertheless it indicators that bearish momentum is perhaps shedding power.
SOL Worth Prediction
If the value of SOL maintains help round $150–$160, it may provoke a wave 5 rally, concentrating on $250–$275 within the coming weeks. A reclaim of the 200-day SMA ($184.37) as help can be a robust bullish affirmation.
Conversely, if help fails, the Solana value may decline additional, probably testing $130 or decrease earlier than discovering new demand.
In the meantime, traders are shopping for a brand new Solana meme coin referred to as Solaxy (SOLX), which in style YouTube channel 99Bitcoins, with over 725K subscribers, says has the potential to soar 100X post-launch.
Solaxy Presale Raises Over $23.2 Million – Subsequent 100X Crypto?
Solana is finest identified for its high-speed and low-cost transactions, which has led to an enormous meme coin frenzy over the previous few years.
Attributable to this traction, Solana has typically skilled community outages and transaction failures, the most recent being through the TRUMP and MELANIA coin launches final month. These points are a serious headache for DeFi customers, NFT fans, and meme coin merchants.
The Solaxy crypto undertaking is a layer-2 scaling answer developed for the Solana blockchain. It goals to boost decentralized purposes (dApps), cut back transaction speeds, slash community prices, and enhance scalability. The SOLX token serves because the core of the ecosystem.
🚨 Solaxy is now stay in Upcoming Tokens! 🚨@SOLAXYTOKEN offers holders a chance to hitch the first-ever Solana Layer 2 blockchain.
Solaxy is about to boost blockchain innovation by way of limiting congestion, decreasing failed transactions, and enhancing scalability on SOL.… pic.twitter.com/satNF6zFNF
— Finest Pockets (@BestWalletHQ) December 17, 2024
Traders are shopping for into this concept, with the undertaking’s whole presale increase already standing at over $23.2 million.
Furthermore, as soon as launched, Solaxy will present a platform the place builders can construct decentralized purposes or launch new tokens with out compromising (and probably even enhancing) Solana’s layer-1 capabilities.
Solaxy additionally presents holders who stake the undertaking’s SOLX token an enormous annual yield of 175%.
Traders keen on taking part within the presale can go to the official Solaxy web site to purchase SOLX tokens for $0.001644 every utilizing BNB, ETH, USDT, or a financial institution card.
Purchase SOLX right here earlier than a value hike in lower than 10 hours to safe the very best deal.
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