Why Solana [SOL] hiked at the back of Nirvana flash loan exploit

ambcrypto.com:

Solana [SOL] algorithmic stablecoin, Nirvana was recently the subject of a $3.5 million exploitation. On Thursday (28 July), it announced via its official Twitter page that it had lost some of its reserves to a flashloan attack.

Nirvana has been maliciously hacked and the reserves have been stolen.

A flashloan attack was used to steal money. This is not the fault of Solend, but an exploit of Nirvana's program.https://t.co/NkmtHAbAAa

— Nirvana Finance (@nirvana_fi) July 28, 2022

The attack led to a massive dump of the Nirvana native token ANA. Consequently, the coin dipped from $8.65 to $1.23 on the day Nirvana Finance made the announcement.

At press time, ANA had lost another 15.79% as per CoinMarketCap, as it traded at $1.12.

Many would have expected the SOL price to plunge with the hack. However, nothing of such happened. In fact, it followed the crypto revival to hit 8.32% in the last 24 hours to trade at $43.06. Despite the uptick, SOL was still 83.53% away from its all-time high (ATH).

According to data from CryptoQuant, Solana’s trading volume increased 23.3% from the previous day. Its thirty-day increase stood at 24.19%, which is a little low compared to its counterparts.

Source: Crypto Quant

Santiment data also revealed that the SOL market cap followed its price rise.

At press time, it was $21.95 billion. Additionally, the hack was supposed to affect development activity on the Solana chain. Interestingly, it did not go that way as the metric rose from 21 to 22. 

Source: Santiment

While ANA looks to have lost its hold on survival, SOL was showing solid signs of keeping its green candles.

Its four-hour chart showed that it has strong support at $43.02. Also, the