Solana (SOL) Whales Continue To Hodl Despite Recent Hack, Here’s Why

Profile picture
CoinGape
15w ago2022-08-05

Even as the Solana Foundation management tries to figure out the exact reasons behind the recent hack, the SOL price has on Friday recovered partially. On Thursday, it was said that the issue originated from Slope mobile wallet applications. But the exploit was confined to just one wallet on Solana, it confirmed. However, the details of exactly how this occurred are still under investigation, Solana said.

“There is no evidence the Solana protocol or its cryptography was compromised,” Solana clarified. It added that the details of exactly how this occurred are still under investigation. The private key information was inadvertently transmitted to an application monitoring service, it added.

Solana Hack, Its Impact On SOL Price

Meanwhile, the Solana (SOL) price does not seem to be too affected by the recent hack on the Solana blockchain. When the news of Solana hack broke on Wednesday, SOL was trading at just above $41 while the current price is not too far from this range. In fact, the SOL price retraced back to the $41 range earlier on Friday before adjusting slightly. As of writing, the SOL token is trading at $39.93, up around 1.02% in the last 24 hours, according to CoinMarketCap. On a weekly basis, the price dropped by around 5.74%.

Meanwhile, crypto investors continue to hold a positive outlook for Solana price in the near future. Crypto Rand, an investor, said he would continue to hold his positions on Solana despite the hack.

“Solana, despite all the issues around the hack continues and bounced once again on the local support and is pushing back up. I continue holding my bags.”

Did SBF’s Support For Solana Have An Impact?

After Solana suffered the hack due to an issue with the Slope mobile app, popular crypto investor Sam Bankman-Fried came out in support of it. In an interview, SBF said Solana is an under-rated project. He said the hack is a gateway for Solana to figure out where there is a need for corrections. “This is a good example of how something can be under-rated.” He indicated that an issue with Slope is unfairly being blamed on the underlying blockchain, which is Solana.

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with the industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.