Solana price up 3% despite upward hack of $38 million

Solana price jumped 3% in the past 24 hours to trade at $143.19 as of 3:45 a.m. EST, a 16% increase in daily trading volume to $5.35 billion.

The SOL price increase comes despite South Korea’s Upbit, one of Asia’s largest crypto exchanges, halting deposits and withdrawals after hackers compromised a hot wallet linked to the Solana blockchain. The attackers allegedly stole more than $38 million in tokens, including Official Trump (TRUMP), Bonk (BONK), Jupiter (JUP), Solana-based Double Zero (2Z) and several smaller assets.​

Upstream flow (@Official_Upbit) was hacked – 54 billion KRW (~$36.8 million) in assets on #Solana were transferred to unknown wallets. pic.twitter.com/DM5BxSTtXA

– Lookonchain (@lookonchain) November 27, 2025

Upbit quickly moved the remaining funds into cold storage and began working with on-chain investigators to track down the stolen tokens. The platform also said it would make users whole, which helped limit panic selling in the broader Solana market.

Despite the hack, Solana’s price only fell briefly before rebounding, a sign that traders view the exploit as an exchange security issue rather than a problem with the Solana blockchain itself. SOL buyers treated the first dip as an opportunity to buy the dip at lower levels.

Solana On-Chain Reports Strength After Feat

Network activity on Solana remains high, with a significant number of transactions driven by memecoin exchanges, DeFi swaps, and NFT-related transfers. This suggests that regular users have not abandoned the channel and continue to interact with dApps, even if security teams track hackers’ wallets.​

Upbit’s decision to suspend deposits and withdrawals of affected tokens could temporarily slow on-chain flows from Korean traders, but other global exchanges and on-chain sites still provide significant liquidity for Solana assets.

Solana Price Technical Outlook

Solana price is trading around $143, hovering between the 50-day simple moving average (SMA) near $169 and the 200-day SMA near $179 on the daily chart. This means that SOL is still in a corrective phase after failing to hold above $200 in late October.

However, the long-term bullish structure remains intact as long as the price remains above the main support zone around $95 to $100.​​

SOLUSD analysis source: Tradingview

The chart also shows that Solana recently formed a rounded bottom pattern after a sharp decline from the $200 region, with buyers intervening near $100 and pushing the price above $140.

Before the last correction, a clear “Golden Cross” appeared when the 50-day SMA exceeded the 200-day SMA. This marked the start of a strong uptrend that took SOL to near $295 at the peak.​

However, a “death cross” has now formed as the 50-day SMA sags and threatens to break below the 200-day line, warning that the bears still have some control in the near term.

If Solana price fails to reclaim the $169-$179 moving average band soon, sellers could try to push the coin back towards the recent low near $95, where the chart marks a key horizontal support level.​​

The Relative Strength Index (RSI) is in neutral territory around the mid-40s, showing that the market is neither overbought nor oversold.

Meanwhile, the MACD line is slightly below the signal line in negative territory, suggesting that the bearish pressure has not completely disappeared yet, while the average directional index (ADX) above 40 suggests that the current downtrend is still strong even after today’s rally.​

Solana targets $180 to $200 if $169 breaks

In the bullish case, traders will watch for a daily close above $169, which would place Solana price above the 50-day SMA and open the door for a move into the $180-200 resistance band.

A clear break above $200 could then target the previous high near $295 over the coming weeks. On the downside, a return below $120 would be an early warning that the bears are regaining control, increasing the risk of a slide towards the $100 and $95 supports.

As long as SOL holds above this base and continues to print higher lows on the daily chart, many traders will view dips as buying opportunities.​​

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