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Solana price continued its strong surge on Tuesday, July 22, reaching its highest level since February this year. SOL token rose for three consecutive days, up by 112% from its lowest point this year. This surge could accelerate as the recently launched staked SOL ETF crossed a key milestone. Solana Price Flashes Golden Cross Pattern
The post Solana Price Flashes Golden Cross as Staked SOL ETF Hits Key Milestone- Is $294 Next? appeared first on CoinGape.
Ethereum’s recently introduced smart wallet feature, EIP-7702, is under scrutiny after blockchain security researchers uncovered cybercriminals’ misuse of it. Following the Pectra upgrade, several wallet providers have begun integrating EIP-7702 features.
Analysts at Wintermute, a crypto trading firm, noted that attackers used 97% of EIP-7702 wallet delegations to deploy contracts designed to drain funds from unsuspecting users.
EIP-7702 temporarily allows externally owned accounts (EOAs) to operate as smart contract wallets. The upgrade enables features like transaction batching, spending limits, passkey integration, and wallet recovery—all without changing wallet addresses.
While these upgrades aim to enhance usability, malicious actors are leveraging the standard to speed up fund extractions.
Instead of moving ETH manually from each compromised wallet, attackers now authorize contracts that automatically forward any received ETH to their own addresses.
“No doubt attackers are one of the early adopters of new capabilities. 7702 was never meant to be a silver bullet and it does have great use cases,” Rahul Rumalla, Chief Product Officer at Safe, said.
Wintermute’s analysis shows that most of these wallet delegations point to identical codebases designed to “sweep” ETH from compromised wallets.
These sweepers automatically transfer any incoming funds to attacker-controlled addresses. Out of nearly 190,000 delegated contracts examined, more than 105,000 were linked to illicit activity.
Koffi, a senior data analyst at Base Network, explained that over a million wallets interacted with suspicious contracts last weekend.
He clarified that attackers didn’t use EIP-7702 to hack the wallets but to streamline theft from wallets with already exposed private keys
The analyst furthered that one standout implementation includes a receive function that triggers ETH transfers the moment funds land in the wallet, eliminating the need for manual withdrawal.
Yu Xian, founder of blockchain security firm SlowMist, confirmed that the perpetrators are organized theft groups, not typical phishing operators. He noted that EIP-7702’s automation capabilities make it particularly attractive for large-scale exploits.
“The new mechanism EIP-7702 is used most by coin stealing groups (not phishing groups) to automatically transfer funds from wallet addresses with leaked private keys/mnemonics,” he stated.
Despite the scale of the operation, there are no confirmed profits so far.
A researcher at Wintermute noted that attackers have spent about 2.88 ETH authorizing over 79,000 addresses. One address alone executed nearly 52,000 authorizations, yet the target address has not received any funds.
The post Ethereum Pectra Upgrade is Largely Benefitting Crypto Theft Gangs appeared first on BeInCrypto.
As the second quarter closed yesterday, XRP’s on-chain activity flashed a bearish signal for holders. The token saw a sharp uptick in the movement of dormant tokens, a trend that signals one thing: distribution.
When long-held coins suddenly become active, it suggests that long-term holders (LTHs) are offloading their assets, possibly in anticipation of downside risks. The question now is whether these holders foresee further declines as Q3 begins.
According to on-chain data provider Santiment, XRP’s Dormant Circulation (90 days) metric surged to 387.19 million on Monday, the highest level in three weeks.
This metric tracks the total volume of tokens that had previously remained inactive for at least 90 days but suddenly moved within a 24-hour period. Such a sharp increase signals that LTHs are moving their tokens.
Historically, spikes in dormant circulation have indicated seasoned holders exiting positions, either to take profit or avoid potential losses. This trend therefore puts XRP at risk of noting declines.
Further, after a steady decline that began on June 5, XRP’s Liveliness suddenly reversed course yesterday, climbing to 0.809.
Liveliness measures the movement of long-held tokens by calculating the ratio of coin days destroyed to the total coin days accumulated. When it declines, it indicates that LTHs are moving their assets off exchanges and opting to hold.
Converesly, when it climbs, it suggests that more dormant tokens are being moved or sold, signaling profit-taking by XRP LTHs.
On the daily chart, XRP’s negative Balance of Power (BoP) supports this bearish outlook. At press time, this momentum indicator is at -0.62.
The BoP indicator measures the strength between buyers and sellers by comparing price movements within a given period. When it turns negative, sellers are dominating the market, hinting at a potential downtrend.
If this happens, XRP’s price could drop to $2.08.On the other hand, if demand soars, its price could reach $2.29.
The post Dormant XRP Coins Flood the Market — Here’s What It Means for Price appeared first on BeInCrypto.
HBAR has recently made an attempt to recover from previous losses, aiming to reach the next major resistance level.
As the altcoin gains momentum, traders are finding relief, especially with the support of favorable market conditions. This could allow HBAR to continue its upward trajectory and avoid liquidation risks.
Currently, the MACD (Moving Average Convergence Divergence) indicator is signaling a bullish crossover. This shift marks the end of a bearish crossover that had been active for more than three weeks. The MACD line crossing above the signal line suggests a potential reversal in momentum, which could help HBAR recover its recent losses. This shift is particularly significant for traders looking to regain confidence in the token’s price movement.
As the MACD crossover takes place, the market sentiment around HBAR is turning more positive. The shift to bullish momentum provides traders with optimism, supporting the potential for a quicker recovery. With this technical indicator signaling a trend reversal, HBAR could see increased buying pressure, which may help it surpass its resistance levels in the near future.
The liquidation map further emphasizes how crucial the recent price action has been for HBAR traders. Had HBAR’s price dropped to the next support level at $0.163, it could have triggered $37.2 million worth of long liquidations. This would have caused significant losses for traders holding long positions. However, with the bullish crossover, HBAR’s price action has provided a much-needed relief, preventing a drop to the critical support level.
For many traders, this shift in momentum has been a welcome development. With the liquidation risk mitigated, long traders are more likely to remain active in the market. This continued optimism from bullish traders is key to maintaining upward pressure on the price, supporting the potential for HBAR to break through resistance levels and recover its previous losses.
At the time of writing, HBAR is trading at $0.176, just under the resistance level of $0.182. The bullish crossover, along with the support from the technical indicators, could help HBAR breach this barrier. If successful, the altcoin will likely continue to rise, targeting higher resistance levels.
Flipping $0.182 into support would signal the start of an uptrend and solidify the recent gains. This shift would confirm the continuation of the bullish momentum, enabling HBAR to push past $0.189. The strong support from traders and market indicators suggests that HBAR could see further price growth if it maintains this upward momentum.
However, if HBAR fails to breach the $0.182 resistance and faces selling pressure, the price could decline back to the local support of $0.172. A drop below this support could lead to a further slide to $0.163, invalidating the bullish outlook. Such a decline would trigger $37.2 million in long liquidations, dampening the market sentiment and potentially reversing the upward trend.
The post HBAR Traders Saved From $36 Million Liquidations Thanks To Bullish Crossover appeared first on BeInCrypto.