Solana is still suffering from the $320 million wormhole hack as the price tanks lower.
Solana technical view, integration with OpenSea and 'Times Square' metaverse discussed.
Solana (SOL), also known as the 'Ethereum Killer' suffered from heavy losses since November 2021. At its peak Solana was trading at $260 (approx.) and is currently orbiting around $94. We will discuss whether SOL has the potential to break higher with its projects and tokens.
Why Investors Are Selling Solana?
Before attempting to assess whether Solana can indeed rebound from its current levels, it is important to understand what leads to the strong selling in the cryptocurrency. While some analysts are pointing to the recent OpenSea phishing attack as the cause, Solana has suffered from more severe issues.
Congestion in the network weighed on the cryptocurrency last month. The recent wormhole bridge hack only fueled the selling.
Over $320 million was stolen via the wormhole bridge that allowed investors to ETH from the Ethereum blockchain to Solana. The ETH is converted to Wormhole ETH or wETH for short, which is pegged to the value Ethereum in the ETH blockchain.
A vulnerability in the bridge's function (validator action approval or VAA for short) enabled the hacker to mint 120,000 wETH, which was valued at a notch over $322 million. The hacker transferred 93,750 wETH back to ETH, the remaining 26,250 wETH was swapped for 432,662 SOL (approx.).
As 120,000 wETH went missing (from the mint) it was required for the sum to be replaced. Initially, there was great uncertainty as to who would provide the missing cryptocurrencies.
Jump Crypto Replaced 120,000 wETH
A message was sent to the attacker via Notifi, an Ethereum messaging service. The hacker was offered a bounty of $10 million for the exploit details and the return of the minted wETH,
"We noticed you were able to exploit the Solana VAA verification and mint tokens. We'd like to offer you a whitehat agreement, and present you a bug bounty of $10 million for exploit details, and returning the wETH you've minted."
The hacker ignored the message and kept the 93,750 ETH in his account.
Jump Crypto shortly announced on Twitter that it has replaced the missing 120,000 wETH in order to sustain the network. Without the cryptocurrencies, there would have been serious repercussions. The vulnerability in the wormhole bridge was patched.
The hacker house events are a great idea. Core Solana Labs engineers participate in offline events, providing educational programming on DeFi, NFTs and how to start working with Solana. If the events would have been announced following the bridge exploitations and not in January, perhaps it would have had some impact on SOL.
Age of Sam, a popular NFT Solana based project may be insufficient to lift the cryptocurrency higher.
At the end of January speculations on the Solana OpenSea integration surfaced. A well-known Hong Kong hacker by the name of Jane Manchun Wong is notorious for unearthing app features before they are publicly announced.
Jane has already revealed features on Instagram, Spotify and Facebook before they were announced to the public. According to a tweet on 25 January 2022, OpenSea is developing an integration with Phantom wallet.
Phantom wallet is used for buying and selling crypto and NFTs on the Solana blockchain.
Jane claims she used reverse engineering to unmask OpenSea's intentions to integrate Solana into the NFT marketplace. OpenSea declined to confirm it has such plans.
Adding SOL to OpenSea, which is currently the biggest NFT marketplace platform, may contribute to SOL recovery from the bridge hack. Because of the recent phishing attack OpenSea experienced, the chance that such plans having ever existed may now be delayed.
OpenSea is currently busy dealing with the phishing attack. If there were integrations plans they may be delayed.
Is It a Good Time to Buy Solana?
From the technical end, Solana may struggle to trade back above $130. The next support based on the monthly chart is around $52. To invalidate the downtrend in the monthly chart, SOL may require to trade back above $160.
Based on the daily chart, some support is offered at the $84 mark. If Solana succeeds in breaking above $121, it may extend its gains towards $140.
Portals announced last week they have raised $5 million to build a metaverse platform based on the Solana blockchain. Foundation Capital and Alameda Research participated in the funding round.
Adam Gomez, the Co-Founder of Portals, said, “We are building an entirely new Times Square in the metaverse." Building the platform may take time and had no impact on cryptocurrency.
President Biden is expected to issue the executive order on cryptocurrencies this week. The executive order will instruct governing bodies to begin the coordination of crypto regulations. It is unclear at the time of writing the impact the order will have as it is widely anticipated.
One event that has triggered a reaction in the crypto markets is the Fed monetary policy. A rate hike is expected in March 2022 with possible insights into the pace of future rate hikes. It is still early to predict how will the Fed impact SOL as it greatly depends on the monetary policy.
The daily support at $84 appears to be the only lifeboat for SOL at the time of writing.
Solana (SOL), also known as the 'Ethereum Killer' suffered from heavy losses since November 2021. At its peak Solana was trading at $260 (approx.) and is currently orbiting around $94. We will discuss whether SOL has the potential to break higher with its projects and tokens.
Why Investors Are Selling Solana?
Before attempting to assess whether Solana can indeed rebound from its current levels, it is important to understand what leads to the strong selling in the cryptocurrency. While some analysts are pointing to the recent OpenSea phishing attack as the cause, Solana has suffered from more severe issues.
Congestion in the network weighed on the cryptocurrency last month. The recent wormhole bridge hack only fueled the selling.
Over $320 million was stolen via the wormhole bridge that allowed investors to ETH from the Ethereum blockchain to Solana. The ETH is converted to Wormhole ETH or wETH for short, which is pegged to the value Ethereum in the ETH blockchain.
A vulnerability in the bridge's function (validator action approval or VAA for short) enabled the hacker to mint 120,000 wETH, which was valued at a notch over $322 million. The hacker transferred 93,750 wETH back to ETH, the remaining 26,250 wETH was swapped for 432,662 SOL (approx.).
As 120,000 wETH went missing (from the mint) it was required for the sum to be replaced. Initially, there was great uncertainty as to who would provide the missing cryptocurrencies.
Jump Crypto Replaced 120,000 wETH
A message was sent to the attacker via Notifi, an Ethereum messaging service. The hacker was offered a bounty of $10 million for the exploit details and the return of the minted wETH,
"We noticed you were able to exploit the Solana VAA verification and mint tokens. We'd like to offer you a whitehat agreement, and present you a bug bounty of $10 million for exploit details, and returning the wETH you've minted."
The hacker ignored the message and kept the 93,750 ETH in his account.
Jump Crypto shortly announced on Twitter that it has replaced the missing 120,000 wETH in order to sustain the network. Without the cryptocurrencies, there would have been serious repercussions. The vulnerability in the wormhole bridge was patched.
The hacker house events are a great idea. Core Solana Labs engineers participate in offline events, providing educational programming on DeFi, NFTs and how to start working with Solana. If the events would have been announced following the bridge exploitations and not in January, perhaps it would have had some impact on SOL.
Age of Sam, a popular NFT Solana based project may be insufficient to lift the cryptocurrency higher.
At the end of January speculations on the Solana OpenSea integration surfaced. A well-known Hong Kong hacker by the name of Jane Manchun Wong is notorious for unearthing app features before they are publicly announced.
Jane has already revealed features on Instagram, Spotify and Facebook before they were announced to the public. According to a tweet on 25 January 2022, OpenSea is developing an integration with Phantom wallet.
Phantom wallet is used for buying and selling crypto and NFTs on the Solana blockchain.
Jane claims she used reverse engineering to unmask OpenSea's intentions to integrate Solana into the NFT marketplace. OpenSea declined to confirm it has such plans.
Adding SOL to OpenSea, which is currently the biggest NFT marketplace platform, may contribute to SOL recovery from the bridge hack. Because of the recent phishing attack OpenSea experienced, the chance that such plans having ever existed may now be delayed.
OpenSea is currently busy dealing with the phishing attack. If there were integrations plans they may be delayed.
Is It a Good Time to Buy Solana?
From the technical end, Solana may struggle to trade back above $130. The next support based on the monthly chart is around $52. To invalidate the downtrend in the monthly chart, SOL may require to trade back above $160.
Based on the daily chart, some support is offered at the $84 mark. If Solana succeeds in breaking above $121, it may extend its gains towards $140.
Portals announced last week they have raised $5 million to build a metaverse platform based on the Solana blockchain. Foundation Capital and Alameda Research participated in the funding round.
Adam Gomez, the Co-Founder of Portals, said, “We are building an entirely new Times Square in the metaverse." Building the platform may take time and had no impact on cryptocurrency.
President Biden is expected to issue the executive order on cryptocurrencies this week. The executive order will instruct governing bodies to begin the coordination of crypto regulations. It is unclear at the time of writing the impact the order will have as it is widely anticipated.
One event that has triggered a reaction in the crypto markets is the Fed monetary policy. A rate hike is expected in March 2022 with possible insights into the pace of future rate hikes. It is still early to predict how will the Fed impact SOL as it greatly depends on the monetary policy.
The daily support at $84 appears to be the only lifeboat for SOL at the time of writing.
Retail Traders Get Tokenized US IPO Allocations at Offer Price as Payward Expands xStocks
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This panel will explore how firms are moving beyond CFDs into crypto, perpetuals, equities, and multi‑asset offerings, and the challenges they face across regulation, technology, liquidity, and risk management. It examines what is driving the shift, what it takes to execute it successfully, and how brokers can position themselves for the next phase of growth.
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Insight into what localization actually costs beyond the translation budget
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APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
APAC accounts for two-thirds of global retail trading traffic, but with differences of language, regulation, and trader profile, the region's growth is ag great as complexity.
This session gathers CMOs, heads of acquisition, and IB relationship managers to examine what actually works, channel by channel, market by market.
Attendees will walk away with:
A clear view of which channels deliver funded, retained traders across Singapore, Japan, and Southeast Asia
Understanding of how to structure IB partnerships for LTV, not first deposit
Insight into what localization actually costs beyond the translation budget
Perspective on how ad restrictions, crypto promotion limits, and bundling rules differ across APAC jurisdictions
A read on whether the super-app model changes acquisition economics for retail investing platforms
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This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
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For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
For every feature and product, someone has to decide: build it in-house or buy from a vendor. In Singapore and across APAC, local banks and global players face the same question with very different constraints.
This session gathers heads of technology and e-trading to compare how client demand and cost structures shape their choices, and how long it actually takes to ship in each.
Attendees will walk away with:
First-hand view of how client feedback informs decision-making across different market participants.
Understanding pain points and benefits of working with 3rd party integrations at scale.
Insight into products and innovation banks’ retail and trading heads will look for in 2026.
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Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
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Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
As Singapore's capital-intensive requirements leave only a few retail brokers active in the city-state, there are many opportunities to be made in and around.
This session gathers regulators, advisors, and operators who have set up across multiple APAC jurisdictions to break down figures, what's working, what's breaking, and what's next.
Attendees will walk away with:
Survey of capital thresholds and other requirements across regions in APAC
Nuanced understanding of Singapore's role in the retail trading space
Glimpse into parallel developments in digital assets and RWA
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Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
For fintechs who try to capture the retail investment crowd, payments can be a game-changer from user experience to back-office plumbing.
This session brings together builders from across the payment ecosystem to examine how new rails are altering the way capital moves in APAC and beyond.
Attendees will walk away with:
A clear view of how stablecoins, on-chain settlement, and tokenised money are being used in live institutional workflows today
Understanding of what MAS initiatives like Project Orchid and Project Bloom signal for the future of digital money in Singapore's capital markets
Insight into how mobile-first fund platforms and digital distribution channels are pulling payment infrastructure closer to the point of investment
Perspective on the compliance and custody challenges firms face when payments, trading, and settlement converge on the same rails
