- The Solana price showcased a fresh bearish reversal from the resistance trendline of a long-coming channel pattern.
- On April 1, 2026, a sophisticated cyberattack targeted Drift Protocol, a decentralized perpetuals trading platform built on the Solana blockchain.
- The 20-and-50-day exponential moving average acts as stable dynamic resistance against SOL.
SOL, the seventh largest cryptocurrency by market capitalization, slips over 3% on Thursday to trade at $78.24. The initial downtick followed broader market pullback amid escalating geopolitical conflict between the U.S. and Iran. However, the Solana price witnessed a surge in selling pressure as its decentralised exchange, Drift protocol, faced a severe security breach, which resulted in a loss of approximately $286 million in assets.
Solana TVL Falls 18% After $286M Drift Protocol Hack
On April 1, 2026, the hackers associated with North Korea stole $286 million of the Drift Protocol, a decentralized trading application on Solana. The group initially generated artificial trading to inflate the collateral values, and then emptied the main storage accounts with stolen administrative access code. The complete withdrawal was in 12 minutes.
The abrupt departure of SOL tokens and JLP positions out of Drift holding reduced the value of the protocol assets by half. This influx of sales put Solana under significant downward pressure on its market price.
Within hours, the combined locked value of all Solana projects dropped to $5.93 billion. That figure represents a 18.32% drop compared to the high of $7.26 billion in mid-March.
The attack was based on the method of durable nonces, which reveals a structural vulnerability of Solana in the way it sequences transactions. Users and developers now require Solana-based platforms to go through tougher code reviews before they can have full investor confidence once again.
However, the overall crypto market encountered additional selling as the United States and Iran further accelerated their tension. President Trump threatened to take military action and gave a 48-hour deadline in case the Strait of Hormuz was closed. In direct response the price of crude oil shot up over $100 per barrel.
Solana Price Sparks Fresh Bear Cycle within channel pattern.
Over the past two weeks, the Solana price witnessed a sharp correction from $97.68 to $78.87, registering a loss of roughly 20%. Interestingly, this reversal emerged precisely at the resistance trendline of a falling channel pattern in the daily chart.
Since mid-September 2025, the coin price has resonated strictly within two parallel trendlines of this pattern, offering dynamic resistance and support to SOL traders. The aforementioned reversal from the resistance trendline signals a fresh bear cycle within the channel pattern.
The previous reversal triggered strong selling pressure on SOL, dragging the price to the channel pattern support each time.
Currently, the Solana price challenges the support trendline at $76.77. If the selling pressure persists, the coin price could plunge to $64.5, followed by $51.5.
The momentum indicator RSI (relative strength index) at 37% signaling that sellers remain the dominant player in current price action.
On the contrary, a bullish breakout from the channel resistance will renew the bullish momentum in the market for sustainable growth above $100.
