Solana Remains Solid After Flash Loan Attack Nirvana

Solana’s algorithmic stablecoin Nirvana was recently the subject of a $3.5 million miner. It announced on its official Twitter page that it lost some of its reserves following a flash loan attack.

Solana Remains Solid After Flash Loan Attack Nirvana 6

The attack resulted in a huge dump of the Nirvana native token ANA. As a result, the coin fell from $8.65 to $1.23 on the day Nirvana Finance made the announcement.

Many were expecting the price of SOL to plunge with the hack. However, nothing like that happened. It has followed a crypto resurgence that hit 5.45% over the past 24 hours to trade at $44.4. Despite the increase, SOL is still 83% away from its all-time high (ATH).

SOL daily chart. Source: CoinCu

According to data from CryptoQuant, Solana’s trading volume is up 23.3% from the previous day. Its thirty-day gain was 24.19%, slightly lower than its counterparts.

Source: CryptoQuant

Santiment data also reveals that the Solana market cap has followed its rise.

At press time, it is $21.95 billion. Additionally, the hack is said to affect development activity on the Solana chain. Interestingly, it didn’t go in that direction when the index went up from 21 to 22.

Source: Santiment

While ANA seems to have lost viability, SOL has shown solid signs of holding its green candles.

Its 4-hour chart shows it has strong support at $40.02. Additionally, the Relative Strength Index (RSI) indicates that the SOL can maintain its upward momentum as it ignores the overbought and oversold levels.

Source: TradingView

Despite the setbacks, Solana has remained at a reasonable level in favor of buyers. Nirvana becomes the latest stablecoin to face problems following the massive crash of Terra’s UST.

Initially, no other updates were presented to the public. However, Nirvana seems to be in a desperate situation. The community appealed to the perpetrators through Twitter to return the stolen property.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.