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Crema Finance suffers hack as Solana [SOL] seeks validation

solana validation

Crema Finance joins the list of protocols housed on the Solana blockchain to be hit with a hack. In the early hours of three July, the liquidity protocol took to Twitter to inform users of the suspension of all activities on the community because of the hack.

Coupled with regular downtimes, the Solana community has had it rough this year with the collection of hacks and exploits at the chain itself. And, the protocols built on it have suffered. According to a report by Atlas VPN, the Solana surroundings suffered 5 hack attacks in 2022 Q1 on the price of $397 million. The Wormhole hack was the most sizable, because it led to a loss of $334 million. Also, this 12 months, hackers carted away over $fifty two million thru the hack of Cashio, a Solana-based totally stablecoin venture.

Currently buying and selling at its August 2021 degree, how has all of these impacted the overall performance of the SOL coin so far this 12 months?

Solana is worn-out

In the beyond six months, the SOL coin has suffered a tremendous decimation in its price. This is as a result of the overall downturn of the cryptocurrency market so far this yr. And, the collection of downtimes and hacks/exploits on the Solana Chain. Spotted at an index fee of $170 at the start of the year, SOL’s fee has been on a downward fashion. Exchanging fingers at $32.64 at the time of writing, the charge of SOL noticed an 81% decline to date this 12 months.

SOL, at press time, changed into ranked range #9 on CoinMarketCap’s ranking of cryptocurrencies with the largest market capitalization. In truth, the marketplace capitalization of the SOL has visible a drawdown from $52.70 billion to $1.20 billion, up to now this yr.

In the last 24 hours, the coin’s price posted 0.09% in gains. Within this period, trading volume registered a 36.40% decline.

With increased selling underway, at the time of writing, the Relative Strength Index (RSI) of SOL was spotted reaching lows at 40.84. Also failing to offer any succor. On the other hand, the Money Flow Index (MFI) marked a spot at 47.86 during press time. 

solana usd chart

Delved into development

According to data from Santiment, the last six months have been marked by a decline in some key metrics used to track the growth of the SOL coin. For instance, developmental activity on the network took on a decline since the year started and was pegged at 269 at press time. In fact, within the period under review, this metric posted an 83% decline. Moreover, in the same period, the percentage supply of the SOL held by whales dropped by 20%.

So far this year, the coin has only seen a rally in its social activity in June. Its social dominance registered its highest value of 6.27% on 20 June. However, the metric was at 2.829% during press time. So far this year, the social volume also marked its highest value of 4617 on 19 June. At the time of writing, this was found at 1319.

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