Solana (SOL) struggles to break key resistance after it suffers a huge loss on a hot wallet hack, losing over $5M creating so much panic in the heart of many faithful. The price of SOL looked strong in the early part of the week, trading above $40, trying to break the resistance before having an attack on some wallets drained more than $8 million from Solana users. It now struggles to break above the 50 exponential moving average (EMA) on the one-hour (1H) chart. SOL Daily Chart Analysis The daily chart for SOL shows it is trading at $38.7 below the 50 & 200 exponential moving average after a reject from reclaiming this region early this week. This means SOL will need to break above this resistance claimed earlier; this has been a region SOL has struggled to reclaim on the daily chart. The volume of SOL indicates there are no buy activities due to the recent incident that has affected the price of SOL. For SOL to trade higher in price, it needs to break this daily resistance of $40.9; else, we could see some pullbacks to the region of $36.6 if bulls do not step in. The region of $36.6 is a strong demand zone where more buyers in recent times have seen SOL in a good position to accumulate. Major resistance on the daily chart – $40.9. Major support on the daily chart – $36.6, $32. SOL Price Analysis On The 4H Chart The price of SOL on the 4H chart shows the price is on a downtrend with swing lows respecting the t...
