$SOL
As of May 5, 2025, Solana ($SOL ) is trading around $146.70, reflecting a modest 0.67% increase over the past 24 hours. The day's trading has seen SOL reach a high of $147.52 and a low of $142.81.
Solana developers have swiftly addressed a critical zero-day vulnerability discovered on April 16. This flaw could have allowed attackers to mint unlimited tokens or withdraw assets from other accounts. The issue stemmed from missing algebraic components in the hashing process during the Fiat-Shamir transformation, a method used in zero-knowledge proofs. The bug was patched within two days, reinforcing confidence in the network's security.
š Market Dynamics: Whale Activity and Technical Indicators
A significant transaction involving a $51 million transfer of SOL to the Kraken exchange has caught the attention of traders. Such whale movements often precede notable price shifts.
Technical analysis indicates that SOL is consolidating near the $150 level after a V-shaped recovery. Key support is identified around $147, with potential resistance at $160. Breaking above this resistance could pave the way for targets between $170 and $185.
š¦ Institutional Interest and Regulatory Developments
Institutional confidence in Solana is on the rise. BitGo's partnership with SOL Strategies and Upexi Inc.'s substantial purchase of SOL tokens highlight this trend.
Additionally, Canada's approval of the first spot SOL ETF has bolstered investor sentiment. This move is seen as a precursor to potential similar approvals in the U.S., which could further enhance Solana's market position.
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