In this video: We analyse Solana using Elliott Wave, with the blue zone at $76.76 to $87.77 as the ideal target of the correction. Video By More Crypto Online.
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Solana could still move lower in the correction that started in September, but there is some light at the end of the tunnel. The decline corrects the whole advance from the June lows to the September highs, and the price has now reached the first level of the support area. If the ABC decline completes in the blue zone, a higher low could lead to another rally toward $130 and $160 plus. On the smaller time frame one or two more lows would be ideal, and below $99 the pressure stays down.
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Insights Today
1. Systemic Market Pressure: The $6.3B Binance Exploit
The broader cryptocurrency market experienced a major crash on October 30 following a historic $6.3 billion security breach at Binance. Attributed to North Korea's TraderTraitor unit, the massive exploit triggered over $1.5 billion in leveraged liquidations across the industry. SOL fell sharply in tandem with major assets like Bitcoin due to this correlated, systemic selloff, rather than any structural failure within the Solana network itself.
2. Technical Milestones: The Alpenglow Upgrade
On the fundamental side, Solana continues to advance its infrastructure. The Alpenglow consensus rewrite (introducing the Votor protocol to replace TowerBFT) is currently undergoing rigid bug bounty testing. It successfully demonstrated cutting transaction finality down to a blisteringly fast 150 milliseconds. While this massive improvement positions Solana to better compete with high-frequency traditional finance settlement speeds, the macro market fear from the Binance hack has completely overshadowed these bullish network developments.
3. Bloom Trading Bot Exploited
Adding local pressure to the ecosystem, hackers managed to drain 9,408 SOL from wallets tied to the third-party Solana trading bot Bloom earlier in the week. Although Bloom denied that private keys were compromised and has since fully refunded the affected users, the incident has amplified short-term safety concerns amidst an already nervous market environment.
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