Solana
Why Solana is down 11.3% today
Analysis
Solana (SOL) fell 11.3% 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 treasury wallet compromise, which can spur broader sell-offs tied to security concerns. Additional commentary about Solana facing “rising selling pressure” likely reinforced downside momentum as traders weighed near-term demand against outflows and distribution.
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.
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...
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.