Solana
Why Solana is down 14.1% today
Analysis
Solana (SOL) fell 14.1% over the past 24 hours as risk sentiment around the ecosystem weakened following reports that Solana DeFi platform Step Finance is investigating a $29 million compromise of its treasury wallet, which likely spurred broader selling and caution (The Block). While there was a constructive headline with 21Shares launching the first Jito staked Solana ETP in Europe, it appears the exploit-related concerns dominated near-term price action (Cointelegraph).
Contributing Factors (3)
Solana DeFi platform Step Finance investigating $29 million treasury wallet compromise
The attack sent Step Finance's native STEP token plummeting more than 60% as the protocol enlists security firms to investigate the incident.
21Shares launches first Jito staked Solana ETP in Europe
The product offers exchange-traded exposure to JitoSOL with staking rewards embedded, as liquid staking ETFs remain under review in the United States.
What Factors Could Help Solana Absorb Rising Selling Pressure
Solana (SOL) has dropped below $120 amid continued capital outflows. As investors become increasingly cautious, the key question is what Solana can offer to convince holders to stay. Several recent de...
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.