Solana Price Prediction: Engineers Quietly Saved SOL from Exploit – Bullish Reversal Ahead?

The Solana price has fallen by 1.5% in the past 24 hours, slipping to $144.30 as the cryptocurrency market drops by 3% today.

This means that SOL is down by 3% in a week, but remains up by 21% in the past month, following several weeks of recovery for the market’s sixth-biggest token.

And while the alt has fallen today, its move comes as the Solana Foundation reveals the patching of a bug that could have resulted in a potentially catastrophic exploit.

That developers were able to avoid any attack speaks to the general strength and robustness of the Solana ecosystem, something which will stand the token and its long-term price prediction in good stead.

Posting on Solana’s official website, the Solana Foundation revealed this weekend that it had quietly patched a vulnerability last month, one which could have enabled an attacker to mint and steal tokens at will.

As the foundation writes, “This vulnerability only affects Token-22 confidential tokens and allows an attacker to perform unauthorized actions such as minting unlimited tokens or withdrawing tokens from any account.”

An unidentified party reported the vulnerability on April 16, with Solana developers distributing a patch the next day, and then distributing a second patch on April 18.

I think people mostly referring to:

You can't claim you are decentralized if you can do a privately coordinated fork over night.

Solana’s decentralization is a meme

That Solana was able to fix this issue so quickly may be a reason for celebration, yet some commentators – particularly Ethereum supporters – have argued that the speed and secrecy of the fix indicates that Solana is not really decentralized.

Either way, the market has responded to this news by sending the Solana price downwards, although it has fallen less than the market average.

Its one-day chart today suggests that it may dip further in the near term, but that in the medium- and long-term it’s due to recover strongly.

For instance, its relative strength index (purple) is dipping again after nearing 70 towards the end of last month, yet it had been in an oversold position for two months prior to its semi-recovery in April.

Likewise, SOL’s 30-day average (orange) has been well below the 200-day (blue) since late February, again suggesting that a period of renewed growth is long overdue.

Based on these indicators, we could expect the Solana price to reach $200 by the middle of the summer.

And if market conditions allow (e.g. via the resolution of the ongoing tariff war), SOL could even hit $400 by the end of the year.

While the Solana price is likely to enjoy strong growth once the market as a whole becomes more bullish, this may not happen for a while yet.

As such, traders may want to diversify into newer, smaller tokens if they want to increase their chances of having some market-beating gains.

And some of the most promising new tokens right now are presale coins, which can occasionally surge when they list for the first time.

One example with a real chance of doing this is Solaxy (SOLX), which has now raised a mightily impressive $33.4 million in its sale.

You're always flying first class with Solaxy.

The L2 $SOLX rocket will get you where you need to go. https://t.co/mdaTX9ao5Z pic.twitter.com/A8QERwUNsQ

What’s bullish about Solaxy is that it’s launching Solana’s first ever layer-two network, providing lower transaction fees and faster confirmation times.

The Solaxy network will enable Solana users to avoid failed transactions, outages and congestion, which can still affect Solana during peak periods.

And because SOLX will be necessary to pay for Solaxy’s transaction fees, it will experience strong demand, rising in parallel with Solaxy’s growth as a platform.

This helps to explain why SOLX’s presale has really taken off, with its official X account also boasting more than 76,000 followers.

The SOLX presale doesn’t have long left to run, but investors can still join at the official Solaxy website.

The coin is now selling for $0.001716, but this will rise again in two days.

The post Solana Price Prediction: Engineers Quietly Saved SOL from Exploit – Bullish Reversal Ahead? appeared first on Cryptonews.