Solana Price Up 10% As $325 Million Restores Again On Wormhole


The Solana Prize has been on the rise since the carnage that followed DeFi’s biggest hack of 2022. The Wormhole Network stated that stolen money had been recovered, giving the Solana Prize some much-needed relief.

Related literature | Solana Price Recovers From Downtrend After $325 Million Recover On Wormhole Network

After hours wasted on what some are calling the biggest DeFi hack, the crypto was recovered. Jump Crypto’s currency-focused arm teamed up with other Quant trading firms and together they were able to recover all of the funds that hackers stole from investors last week.

Jump Crypto listed;

“We believe in a multi-chain future and that Wormhole is an essential infrastructure. That’s why we replaced 120k ETH to make community members whole and now support Wormhole as it continues to evolve.”

The company’s decision to replace 120,000 Ether in support of community members on the Wormhole network revealed that hackers failed to re-manufacture stolen cryptocurrencies.

Yesterday’s exploit jeopardized $325 million worth of Ether, and the Wormhole Network offered a $10 million bounty for information about who was doing it. Unfortunately, the hacker still has access to these funds, which means that they have declined the offer.

Related literature | Wormhole Token Bridge Lost $321 Million In Crypto Heist

Solana Price recovering from massacre

Solana’s price fell nearly 10% after news of the Wormhole exploit broke. The biggest DeFi hack on Solana was a negative factor for this altcoin, heavily influenced by bad publicity.

A cryptocurrency analyst and trader who has been widely followed for his accurate price predictions by investors of all sizes across the board, Johnny noticed that Solana may be ready to take the next step. Furthermore, he noticed an upward pattern that developed within the range of the lows before the Ethereum killer could start his leg straight down again.

“$SOL nice retest of range lows. Flip range highs and next leg upstarts. I’ve never seen so much power from Solana in what feels like forever.”

Bitcoin’s fall to the $36,250 level caused a dip for major altcoins. While most coins were red on Thursday, Solana also plunged nearly 10%. The larger market also experienced a dip due to bitcoin’s movements.

What a difference a day makes! Solana dipped into the top ten cryptocurrencies by market cap more than most of its counterparts, but it charted an equally good recovery at the time of writing.

After attacking Wormhole, the SOL dropped to $94 on February 3. However, the price recovered somewhat and soon managed to hit a decent pump.

The price of Solana is rising again. As I write these words, the currency was trading at $108 and presented 11.7% daily and 18.75% weekly gains.

Solana is currently trading at $108 with an increase of 11.7%. Source: Tradingview.com

With trading volumes still low, some say spot markets are still too uncertain about investing in, but significant price pressure could change investor mood forever.

Featured image from Pixabay, chart from TradingView.com



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