Solana
Why Solana is down 10.1% today
Analysis
Solana (SOL) fell 10.1% 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 a treasury wallet, which can trigger broader sell-offs on security fears. Additional coverage pointing to “rising selling pressure” on SOL and the need for catalysts to absorb it likely reinforced the downside bias.
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.
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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...
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Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.