EURR Stablecoin Plummets After Hack Incident
- Hack Incident Impact: Following a compromise of StablR's multisig system, the EURR stablecoin plummeted to $0.85, while USDR briefly fell to $0.40, illustrating that even compliant stablecoins can collapse due to critical management failures.
- Token Issuance Out of Control: The attacker exploited a single compromised private key to control a 1-of-3 multisig, minting approximately 8.35 million USDR and 4.5 million EURR, resulting in a flood of unbacked tokens that exacerbated the price collapse.
- Regulatory Framework Insufficient: Although MiCA aims to provide compliance assurances, this incident reveals that regulation cannot replace robust multisig management and real-time monitoring, exposing governance flaws in stablecoin infrastructure.
- Market Reaction and Impact: The incident had limited effects on large stablecoins like USDT and USDC, but it severely damaged trust in StablR, with future focus on the burning of unbacked tokens and potential user reimbursements.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 69.59 | 75.545 | 80.75 | 86.705 | 91.91 | 97.865 | 103.07 |
| Fibonacci | 75.545 | 79.808 | 82.442 | 86.705 | 90.968 | 93.602 | 97.865 |
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