Solana platform ever since the beginning of 2022 has been prone to multiple security breaches and hacks. Despite the concerns over the performance of the platform, the SOL price maintained a consolidated trend ever since the asset rebounded from the bottoms in mid-June.
The price is ranging high within a parallel channel and hence a slow yet steady upswing may be uplifting the price beyond $50 very soon.
The SOL price had dropped more than 20% earlier this week after the hack which drained SOL & USDT tokens from 8000 wallets worth nearly $8 million. However, the asset has regained lost positions above $40 which indicates the inclining confidence of the traders over the asset.
On the other hand, the stolen SOL could induce huge selling pressure, which may be corrected by the bulls ahead.
SOL price appears pretty bullish as the trend is incremental and chopping around the resistance levels. Moreover, the asset broke above the ascending triangle a couple of times after the hack, which signifies the asset being self-assured of a strong upswing. Therefore, the price is expected to test the upper resistance again and consolidate along these levels.
Further, as the bulls get a little exhausted, the bears may drag the price lower, within the triangle again. However, the SOL price has temporarily squashed the possibilities of a massive drain and hence the asset is primed to continue with its ascending consolidation.
The slow yet steady upswing may eventually uplift the price close to $50 and if the assets withstand the bearish pressure at these levels, a notable upswing may make its way out.