Solana
Why Solana is up 1.6% today
Analysis
Solana (SOL) rose about 1.6% over the past 24 hours as sentiment appeared supported by adoption news that Cash App now lets users send USDC on Solana (and other chains), highlighting real-world distribution for Solana-based stablecoin transfers. That constructive catalyst likely outweighed mixed headlines, including reports of a “TrapDoor” package attack targeting Solana-related wallet data and commentary on a drop in Solana open interest amid a broader altcoin slump.
Contributing Factors (3)
Solana, Sui and Aptos wallet data targeted in TrapDoor package attack
The campaign targets crypto, DeFi, AI and security developers with fake tooling packages to steal wallets, SSH keys, GitHub tokens, cloud credentials and browser data.
Solana open interest drops 30% as altcoins slump: Is $68 SOL next?
Bulls abandon ship as SOL futures open interest dropped 30% in May. With the price weakening near $80, Solana may be destined for new lows.
Cash App lets users send USDC stablecoins on chains like Solana and Ethereum
Cash App users can now transfer on Solana, Ethereum, Polygon and Arbitrum, but executive Miles Suter says the firm is still bitcoin-focused.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.