SOL Holds $140 Support as Upbit Hack Fails to Shake Solana Ecosystem

Solana (SOL) is displaying outstanding resilience this week, holding firmly above the vital $140 assist zone regardless of heightened market anxiousness following a $37 million hack on South Korea’s Upbit trade.

The stability comes at a time when institutional curiosity in Solana is accelerating, highlighted by Franklin Templeton’s latest Form 8-A submitting with the U.S. SEC to launch a Solana ETF.

Franklin Templeton’s Solana ETF Fuels Institutional Momentum

The world funding large, which manages $1.67 trillion in property, is positioning itself on the forefront of crypto-focused funding merchandise. The proposed ETF would provide regulated publicity to Solana with out requiring traders to maintain the token straight, a transfer broadly seen as a bullish catalyst for long-term adoption.

Historically, 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 present related momentum.

Analysts say it stays unclear whether or not SOL will observe the Bitcoin sample or show a extra gradual response as soon as the ETF is accepted.

Upbit’s $37M Solana Hack Sends Shockwaves, But SOL Stays Steady

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 property into chilly storage, and pledged to absolutely reimburse affected prospects from its personal reserves. While such incidents sometimes set off steep worth drops, Solana’s ecosystem demonstrated shocking stability.

Not solely did SOL maintain above $140, a multi-month high-timeframe assist zone, however Solana memecoins such as BONK, TRUMP, and MOODENG barely reacted. Traders pointed to on-chain knowledge displaying consumers aggressively defending key assist ranges, even as broader market sentiment wavered.

Upbit has already frozen ₩12 billion value of stolen LAYER tokens and is working with companions to hint further property. 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 as the fast resistance band, supported by an estimated 13 million SOL accrued at that degree. A breakout might open the trail towards $165, $188, and even increased liquidity pockets at $220–$240.

Longer-term projections recommend potential targets between $360 and $480 if Wyckoff reaccumulation patterns full. However, a failure to preserve $143 assist might ship SOL towards deeper zones at $130–$127.

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.

Cover picture from ChatGPT, SOLUSD chart from Tradingview