Solana Price Up 3% Despite $38M Upbit Hack

Solana price has surged 3% in the last 24 hours to trade at $143.19 as of 3.45 a.m. EST on a 16% increase in the daily trading volume to $5.35 billion.

The increase in the SOL price 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 Solana blockchain. The attackers reportedly stole more than $38 million worth of tokens, including Solana‑based Official Trump (TRUMP), Bonk (BONK), Jupiter (JUP), Double Zero (2Z) and several smaller assets.​

Upbit(@Official_Upbit) has been hacked — 54B KRW (~36.8M USD) in assets on #Solana have been transferred to unknown wallets.https://t.co/plbmBz2G4Nhttps://t.co/YOHoqDVfqa pic.twitter.com/DM5BxSTtXA

— Lookonchain (@lookonchain) November 27, 2025

Upbit quickly moved the remaining funds into cold storage and started working with on‑chain investigators to trace the stolen tokens. The platform also said it would make users whole, which helped limit panic selling across the wider Solana market.​

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

Solana On‑Chain Signals Strength After The Exploit

Network activity on Solana remains elevated, with strong transaction counts driven by memecoin trading, DeFi swaps and NFT‑related transfers. This suggests that regular users have not abandoned the chain and continue to interact with dApps, even as security teams follow the hacker wallets.​

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

Solana Price Technical Outlook

The Solana price is trading around $143, sitting between the 50‑day simple moving average (SMA) near $169 and the 200‑day SMA close to $179 on the daily chart. This means 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 stays above the major support zone around $95–$100.​​

SOLUSD Analysis Source: Tradingview

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

Before the latest correction, a clear “Golden Cross” appeared when the 50‑day SMA moved above the 200‑day SMA. This signalled the start of a strong uptrend that took SOL close to $295 at the peak.​

However, a “Death Cross” has now formed as the 50‑day SMA curls down and threatens to cross below the 200‑day line, warning that bears still have some control in the short term.

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

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

Meanwhile, the MACD line is slightly below the signal line in negative territory, hinting that bearish pressure is not fully gone yet, while the Average Directional Index (ADX) above 40 suggests that the current downtrend still has strength even after today’s bounce.​

Solana Targets $180–$200 If $169 Breaks

For the bullish case, traders will watch for a daily close back above $169, which would put Solana’s price over the 50‑day SMA and open the door to a move into the $180–$200 resistance band.

A clean break above $200 could then target the previous high near $295 over the coming weeks.​ On the downside, a drop back below $120 would be an early warning that bears are regaining control, increasing the risk of a slide toward 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 see dips as buying opportunities.​​

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