Solana [SOL]‘s journey within the cryptocurrency market has been nothing wanting a fairy story with each massive participant supporting the ecosystem in 2021.
Though in 2022, SOL witnessed a number of ‘haunted‘ twists on this story. From hacks to cost corrections to community outages, the listing can go on and on.
Right here’s AMBCrypto’s Value Prediction for Solana for 2022-2023
Fairy story gone unsuitable?
Solana’s native token, SOL, suffered yet one more worth correction because it consolidated below the $35 degree mark on CoinMarketCap. At press time, it stood shy of the $32 mark because it continued to see crimson flags throughout numerous playgrounds.
However, the Metaplex Basis, which oversees Solana’s Metaplex NFT protocol, launched an airdrop of its MPLX token for Solana NFT creators. However, the Metaplex token plunged by round 70%. Nicely, that wasn’t the one blow.
In keeping with OtterSec, a blockchain audit platform, Mango, the DeFi undertaking on Solana, was hacked. The attackers obtained numerous loans from the Mango treasury by manipulating Mango’s collateral, leading to a possible lack of greater than $100 million.
@mangomarkets was simply drained for over $100M. https://t.co/SI4hccCIQx
— OtterSec (@osec_io) October 11, 2022
The alleged attacker quickly spiked up the collateral worth after which took out large loans from the Mango treasury. The sufferer’s group did acknowledge the identical, and later tweeted,
“We’re at present investigating an incident the place a hacker was in a position to drain funds from Mango by way of an oracle worth manipulation. We will probably be disabling deposits on the entrance finish as a precaution.”
However the injury was already achieved. As a result of information of the exploit, the worth of the platforms’ MNGO token fell by round 52% within the final 24 hours.
Searching for…
For sure, given the SOL connection, Solana too suffered a number of censures from the neighborhood.
SOL’s efficiency within the final seven days was principally in settlement with the bears. Moreover, SOL’s quantity decreased significantly on 8 October, which was a adverse sign pushing SOL’s worth to new lows.
Moreover, SOL’s situation may go worse if the promoting stress magnifies.
However once more, in line with DeFiLama, SOL was additionally among the many prime 10 chains by TVL, which may very well be a inexperienced flag for the blockchain in these testing instances.
