Solana
Why Solana is down 1.4% in the last hour
Analysis
Solana (SOL) slipped 1.4% over the past hour likely as traders reacted to security concerns after The Block reported that Solana DeFi platform Step Finance is investigating a $29 million treasury wallet compromise. Such exploit headlines can weigh on sentiment and prompt short-term de-risking across the ecosystem, pressuring SOL despite broader network activity positives noted elsewhere.
Contributing Factors (2)
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.
Active Solana addresses spike 115%, four in 10 merchants take Bitcoin: Month in Charts
Activity on Solana has spiked as new AI tech makes it easier than ever to launch memecoins. Meanwhile, Ethereum is plugging away at future-proofing and bringing down fees.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.