Crypto Trader Says Bitcoin Flashing Bullish Signal, Updates Ethereum, Solana and Optimism Forecasts
A popular analyst is providing price target updates for four crypto assets as the markets try to end the week in positive territory.
The pseudonymous trader known as Altcoin Sherpa tells his 180,800 Twitter followers that while he does expect Bitcoin (BTC) to revisit $28,000 in the not-too-distant future, the brief surge above $24,500 on July 30th didn’t convince him that BTC is witnessing a strong uptrend in the short-term timeframe.
“I’m still of the opinion we’re going to $28,000 in the mid-term, but would like to see more chop around this $23,000-$22,000 area to form a significant low. The last high at $24,700 wasn’t super convincing to be honest but still a bullish market structure in my opinion.”
The analyst believes Bitcoin can rally if it finds a higher low in the $22,000 to $23,000 range, although he expects Ethereum (ETH) will break out before BTC does.
“I would like to see a higher low get set around $22,000-$23,000, this is still bullish on long timeframe charts until shown otherwise.
Still eyeing ETH closely, I think it leads.”
At time of writing, Bitcoin is valued at $22,919.
Next on the analyst’s radar is smart contract platform Solana (SOL). Altcoin Sherpa says he’s been sitting on the sidelines and expects more up-and-down movement in the $32 and $47 range.
“Seems really unclear to me, I’ve been out of any active positions for Solana for a while now.
Lower high followed by higher low, expecting more chop in general.”
Solana has also witnessed a slow grind down from the market-wide rally that peaked last Saturday, although SOL has managed a 2.08% rally over the past 24 hours and is changing hands for $40.39.
Moving on to leading smart contract platform Ethereum, the analyst sees a bright spot for investors who have lost money against the US dollar (USD), noting that ETH is looking strong against BTC.
“You might be down bad in USD but the ETH/BTC pair is really strong.
Very interesting price action in the mid-term; I think that there are some arguments for not holding any BTC going forward.”
Ethereum is trading for $1,731 at time of writing.
Last is Optimism (OP), a layer-2 scaling solution for Ethereum. The crypto strategist says that after the altcoin’s major rally over the past few weeks, he plans to short OP to hedge against his other more aggressive crypto investments.
“Shorting this as a hedge for my other stuff.”
Optimism was valued below $0.50 in mid-July before a series of rallies sent OP to as high as $2.24 on Wednesday. The altcoin has since corrected with an asking price of $1.93 at time of writing.
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The post Crypto Trader Says Bitcoin Flashing Bullish Signal, Updates Ethereum, Solana and Optimism Forecasts appeared first on The Daily Hodl.
The Fake Team That Made Solana DeFi Look Huge
We already knew that crypto developers cannot always be trusted. But can we trust the data?
Solana’s Investigation Indicates Wallet Exploit Tied to Slope Mobile App
Following the Solana wallet attack, the Solana Status team updated the public and detailed that the wallet addresses affected by the breach were tied to Slope mobile wallet applications. The team further stressed that “there is no evidence the Solana protocol or its cryptography was compromised.”
Solana Status Report Says Affected Addresses Were at One Point Created in Slope Mobile Wallet Applications
During the last 48 hours, the Solana team has been dealing with an attack that saw thousands of Solana-based wallets compromised. At the time, Solana Labs co-founder and CEO Anatoly Yakovenko thought the exploit possibly stemmed from a supply chain attack. He explained that iOS and Android wallets were affected when he said: “most of the reports are Slope, but a few Phantom users as well.”
On August 3, 2022, the Solana Status Twitter account explained that the addresses affected in the hack were tethered to Slope mobile wallet applications. “After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications,” Solana Status wrote. “This exploit was isolated to one wallet on Solana, and hardware wallets used by Slope remain secure.” Solana Status said:
While the details of exactly how this occurred are still under investigation, private key information was inadvertently transmitted to an application monitoring service. There is no evidence the Solana protocol or its cryptography was compromised.
Slope Finance published an official statement from the wallet team and breach details are vague. Slope said “A cohort of Slope wallets were compromised in the breach, we have some hypotheses as to the nature of the breach, but nothing is yet firm, [and] we feel the community’s pain, and we were not immune. Many of our own staff and founders’ wallets were drained.” Slope also added that the team was actively conducting internal investigations and audits, while working with security and audit groups.
Security Experts Say Slope’s Seed Phrases Were Logged in Readable Plaintext
During the official statement, the Slope team further recommended that Slope wallet users “create a new and unique seed phrase wallet, and transfer all assets to this new wallet.” Slope added:
If you are using a hardware wallet, your keys have not been compromised.
Data from Dune Analytics shows that there were more unique addresses that were affected by the breach than initially reported. Statistics show that 9,223 unique addresses suffered from the bug and $4,088,121 in crypto was stolen. Most of the assets hacked were made up of solana (SOL) and SOL-based USDC.
It is being said that Slope’s mnemonic seed phrases transferred to Slope’s server were logged in readable text. The Slope wallet team allegedly stored the mnemonics in debug logging software via a centralized Sentry server. Security experts at Ottersec detailed that “anybody with access to Sentry could access [a] user’s private keys.” Ottersec also noted that the Slope team was “very helpful in sharing data related to the hack.”
What do you think about the issues with Slope wallet and the recent exploit that affected Solana users? Let us know your thoughts about this subject in the comments section below.
Solana and Slope Confirm Wallet Security Breach
The Solana Foundation and Slope have provided additional information on a security breach that affected thousands of wallets today. Solana Confirms Wallet Breach The Solana Foundation has published new details…
Solana’s $6M Exploit Likely Tied to Slope Wallet, Developers Say
The source of the exploit appears to be linked to Slope allegedly storing private keys as plain text on a centralized server.
Solana’s SOL Token Holds Price Support Despite Hack
Early Wednesday, an unknown attacker drained at least $5 million worth of SOL and other tokens from Solana digital wallets.