In the wake of the recent scandal involving money laundering after the Bybit hack, Solana's price has dropped by 7%. This article explores the details of this situation, forecasts for Solana, and the impact of the new Solaxy project.
Investigation into Money Laundering via Solana
Solana's price fell to $160.89 following the disclosure of money laundering through the network after the Bybit hack. ZacXBT reported that the person involved in the hack moved funds into Solana and created meme tokens for laundering. The address 5STkQy...95T7Cq was involved in a transaction with 60 SOL, facilitating the launch of the QinShihuang token, which has traded over $26 million.
Current Solana Price Dynamics Analysis
The SOL price is in a corrective phase after a recent rally. Solana is now testing a critical support zone at $150–$160. These support levels coincide with the 200-day moving average, which could indicate a potential rebound. However, the Relative Strength Index (RSI) suggests further decline is possible, as it nears the oversold territory.
SOL Price Forecasts and the Role of Solaxy
If Solana maintains support, a rally to $250-275 is possible. Otherwise, the price could drop below $130. Meanwhile, the new Solaxy project gains interest. This layer-2 solution for Solana has already raised over $23.2M in presale, promising to boost network performance.
The recent decline in SOL's price is linked to negative news about hacking and money laundering, but technical indicators and new projects like Solaxy could aid in price recovery.
