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.
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).
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.
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.
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.
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.
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Harold
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