Solana price It fell 1.5% to $78.82, falling below $80 and underperforming the broader market, driven primarily by the ongoing fallout from a major ecosystem hack. The $285 million exploit on the Solana-based Drift protocol on April 01, 2026 remains a dominant load. The breach by North Korean hackers caused Drift’s TVL to drop from $530 million to $230 million, creating a liquidity crisis and lack of community trust. This has also put pressure on the price of SOL as investors reevaluate the security risks of the ecosystem.
As a result, the SOL price shows structural weakness at times when the broader market is trying to stabilize. Hence, an increase in sell-side pressure constitutes a cautious outlook in the short term.
The price structure is showing weakness near major support
Solana is trading at a critical support zone near $75-$78, with the current price hovering around $78-$80, showing clear signs of weakness after failing to sustain its recovery above $85. While the broader market is trying to stabilize, SOL is still lagging, indicating a lack of strong buyer conviction at higher levels. This is not a continuation of the trend, but rather a compression phase at support, where holding or losing this range will determine the next move.
On the daily chart, SOL has broken through an upward channel and is now consolidating just above the $77 support level, which is in line with key short-term levels. Repeated retests of this area without a strong bounce indicate weak demand. The RSI is below neutrality, reflecting fading momentum, while the structure shows lower highs forming after rejection near the $90-95 resistance.
If this support fails, the next downside targets will open towards $73, followed by a deeper move towards $67-70. On the upside, SOL needs to reclaim $85-$86 to regain its short-term strength, with $93-$95 being the next major resistance area.
Low TVL signals capital outflow
TVL reflects the actual capital deployed within the ecosystem. A decrease in this metric indicates a decrease in DeFi activity, a decrease in user engagement and the circulation of capital outside the network. DeFiLlama data shows a continued decline in Solana’s TVL, falling from over $9 billion to approximately $5.5 to $6 billion in recent weeks.
This suggests that the withdrawn funds may be converted into stablecoins or other assets and circulated to other ecosystems. Since TVL is a measure of confidence, new capital hesitates when it declines, and existing holders reduce exposure. Therefore, the current decline, combined with the price remaining near support, indicates weak demand while supply is rising.
What’s next — will SOL price secure a range above $85 this week?
Solana’s price doesn’t just react to price pressures; It reflects a broader slowdown in equity participation. A decline in TVL indicates reduced liquidity and user activity within the ecosystem, reducing the strength of any potential recovery.
At the same time, the price is holding near a key support area between $75 and $78, but without a strong follow-through. This combination – weak structure on the chart and low TVL – indicates that the current phase is more of a fragile grip than a strong base.
In practical terms, this limits the near-term upside. Even if Sol tries to rebound, the absence of capital flow makes it difficult to maintain higher levels. To achieve a meaningful higher move, the price needs to stabilize while TVL stops falling or starts to recover. Until this shift occurs, the current setup points toward slow, reactive price action with downside risks remaining high rather than a clear trend reversal.
Trust with CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert team of analysts and journalists, following strict editorial guidelines based on EEAT (Expertise, Expertise, Credibility and Trustworthiness). Each article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy ensures unbiased reviews when recommending exchanges, platforms or tools. We strive to provide timely updates on everything cryptocurrency and blockchain, from startups to industry specialties.
Investment Disclaimer:
All opinions and ideas shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication accepts responsibility for your financial choices.
Sponsored and advertisements:
Sponsored content and affiliate links may appear on our site. Ads are clearly labeled, and our editorial content remains completely independent from our advertising partners.
