Solana
Why Solana is down 1.5% today
Analysis
Solana (SOL) fell about 1.5% over the past 24 hours as traders reacted to security concerns after Step Finance said it is investigating a roughly $29 million compromise of a treasury wallet, which can weigh on sentiment across Solana DeFi. While a separate report noted a sharp increase in active Solana addresses, the market appeared more focused on the immediate hack-related headline.
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.