Solana (SOL) is exhibiting outstanding resilience this week, holding firmly above the essential $140 help zone regardless of heightened market nervousness following a $37 million hack on South Korea’s Upbit trade.
The soundness comes at a time when institutional curiosity in Solana is accelerating, highlighted by Franklin Templeton’s latest Kind 8-A submitting with the U.S. SEC to launch a Solana ETF.
Franklin Templeton’s Solana ETF Fuels Institutional Momentum
The worldwide funding large, which manages $1.67 trillion in belongings, is positioning itself on the forefront of crypto-focused funding merchandise. The proposed ETF would supply regulated publicity to Solana with out requiring buyers to carry the token immediately, a transfer broadly seen as a bullish catalyst for long-term adoption.
Traditionally, ETFs have had blended however notable results on crypto markets. Bitcoin surged to new all-time highs after its ETF debut in 2024, whereas Ethereum took months to point out comparable momentum.
Analysts say it stays unclear whether or not SOL will comply with the Bitcoin sample or show a extra gradual response as soon as the ETF is authorised.
SOL's worth developments to the draw back on the day by day chart. Supply: SOLUSD on Tradingview
Upbit’s $37M Solana Hack Sends Shockwaves, However SOL Stays Regular
Upbit confirmed an unauthorized outflow of roughly 54 billion KRW (about $37 million) involving SOL and several other Solana-based tokens.
The trade instantly halted deposits and withdrawals, moved remaining belongings into chilly storage, and pledged to completely reimburse affected prospects from its personal reserves. Whereas such incidents sometimes set off steep worth drops, Solana’s ecosystem demonstrated stunning stability.
Not solely did SOL maintain above $140, a multi-month high-timeframe help zone, however Solana memecoins comparable to BONK, TRUMP, and MOODENG barely reacted. Merchants pointed to on-chain information exhibiting patrons aggressively defending key help ranges, at the same time as broader market sentiment wavered.
Upbit has already frozen ₩12 billion value of stolen LAYER tokens and is working with companions to hint extra belongings. The timing of the breach, occurring practically six years to the day after Upbit’s infamous 2019 hack, has drawn consideration however has not shaken confidence in Solana’s community.
Technical Outlook: Rebound or Breakdown?
Analysts spotlight $142–$145 because the rapid resistance band, supported by an estimated 13 million SOL collected at that degree. A breakout might open the trail towards $165, $188, and even larger liquidity pockets at $220–$240.
Longer-term projections counsel potential targets between $360 and $480 if Wyckoff reaccumulation patterns full. Nonetheless, a failure to keep up $143 help might ship SOL towards deeper zones at $130–$127.
Associated Studying
For now, Solana’s spectacular stability, amid an trade hack and ongoing market downturn, underscores rising confidence within the ecosystem as institutional gamers proceed to step in.
Cowl picture from ChatGPT, SOLUSD chart from Tradingview