Step Finance Suffers $27M Security Breach Impacting Treasury Wallets
- Security Breach Incident: Step Finance confirmed that multiple treasury wallets were hacked, resulting in approximately 261,854 Solana tokens being transferred, which amounts to a loss of about $27 million at current prices, severely impacting the project's security and user trust.
- Hacking Methodology: The attack occurred during Asia-Pacific trading hours and involved a known method; although the team acted quickly to contain the situation, they have not explained how the attacker gained access, raising concerns among users about the project's security.
- Severe Market Reaction: Following the breach announcement, the price of STEP token plummeted by over 90% in a single day, currently trading at just over one-tenth of a cent, reflecting investor fear and uncertainty regarding the project's future viability.
- Recovery Challenges: Experts note that crypto projects suffering major hacks often struggle to recover fully, primarily due to inadequate crisis management and a breakdown in user trust, which can lead to decreased liquidity and long-term credibility issues.
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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 5 technical signals, shows that 2 indicators are flashing buy, while 3 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 stock.
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 | 17.683 | 42.592 | 69.303 | 94.212 | 120.923 | 145.832 | 172.543 |
| Fibonacci | 42.592 | 62.311 | 74.493 | 94.212 | 113.931 | 126.113 | 145.832 |
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