- Solana hit the $90 mark today, April 17, 2026.
- The main cause for this uptick is Tether’s decision to provide a recovery package for Drift, a Solana-based exchange.
- The on-chain activity on Solana is increasing and there have been significant inflows within the SOL ETF products.
Solana’s native token SOL had surged around by 5% and the price of the token hit the $90 mark earlier today, April 17, 2026. Moreover, in the last 24 hours, the token has significantly outpaced Bitcoin (which has been up by 1.5%), as per CoinMarketCap and this indicates renewed confidence in Solana’s ecosystem after a major hack on Drift Protocol.
The primary driver is Tether’s decision to lead a $150 million recovery package for Drift, a key Solana‑based decentralized exchange, which the market is interpreting as a decisive step to contain systemic risk and protect user funds.
This move has helped SOL post gains twice the size of BTC’s roughly 1.5% move, reinforcing the narrative that Solana’s fundamentals are holding despite recent volatility.
At press time, the price of the token stands at $88.03 with an uptick of 3.56% in the last 24-hours as per CoinMarketCap.
Tether Steps in to Stabilize Drift
On April 1, attackers linked to North Korean‑affiliated groups drained roughly $280–285 million from Drift Protocol, marking one of the largest DeFi exploits of 2026 and the second‑biggest hack in Solana’s history.
In response, Tether announced it would back a $147.5–150 million recovery plan, with up to $127.5 million coming directly from the stablecoin issuer and the balance from ecosystem partners.
The package includes a long‑term revenue‑sharing model where platform fees from Drift will gradually reimburse the recovery pool, and the protocol will also shift its settlement layer from USDC to USDT, further cementing Tether’s growing role in Solana’s DeFi stack.
From a Solana‑price perspective, the initiative is being read as a “floor‑setter” move because instead of letting the exploit morph into a broader liquidity and trust crisis, the ecosystem is effectively ring‑fencing the damage.
If Drift relaunches smoothly and payout‑linked recovery tokens perform as promised, the episode could even strengthen adoption by showing that major stakeholders are willing to write large checks to protect users.
Underlying Strength: $1.1 Trillion Economic Activity and ETF Demand
Apart from the Drift rescue, SOL’s rally is also because of increased on-chain activity and increased institutional demand. Network-level data shows that Solana’s total economic activity exceeded $1.1 trillion in Q1 2026 and indicates increased usage in the DeFi, NFTs and consumer-facing apps.
The number also highlights that the ecosystem is not just surviving but it is also expanding, even as individual protocols suffer shocks.
Additionally, US Solana spot ETFs recorded $15.5 million in net inflows on April 16, 2026, as per SoSoValue. Out of this, most of it was driven by Bitwise Solana Staking ETF (BSOL).
Aggregate net assets in spot‑SOL ETF products are now around $89 million, with total historical inflows approaching $1 billion. These flows signal that institutional and long‑term investors are still treating Solana as a core infrastructure layer rather than a purely speculative asset, adding a structural bid under the price.
Near-Term Technical Outlook
On the charts, Solana’s price has recently broken and held above the $85–86 resistance zone, with the breakout accompanied by a jump in trading volume, suggesting fresh participation. The 14‑day RSI is in the mid‑50s, implying that the rally is still in a neutral to mildly bullish zone, not yet overbought.
If SOL continues to hold above $85-86, the most likely path is a test of the $90-95 range, especially if ETF inflows and on-chain activity remain strong.
A daily close below $85, however, would risk invalidating the breakout and it could lead to a pullback toward the next major support near $82.50, with deeper downside if sentiment around the Drift relaunch sours.
Also Read: Solana Price Surges 5% Amid Major Short Liquidations
