Recently, due to security incidents within the Solana ecosystem, DeFi stablecoin liquidity saw a structural shift from USDC to USDT. In the short term, USDT's market share has increased, which helps diversify centralized risk and enhances network stickiness and fee demand. On the technical front, the key resistance for SOL lies at $88.5; a breakout with volume may challenge the $100 region, otherwise, support at $79.5 is in focus, with a further breakdown potentially testing the $65 area. Regarding market sentiment, net institutional inflows and short covering in derivatives markets reflect bullish support; easing geopolitical risks in the Middle East have stimulated risk appetite, but volatility and event-driven factors remain significant. Overall suggestion: pay attention to a breakout above $88.5; before a confirmed breakout, be prepared for range-bound fluctuations and downside risk control, and closely monitor trading volumes and capital flows when seeking entry opportunities.

Recent major security incidents within the Solana ecosystem have led to notable divergence in DeFi liquidity. After Drift Protocol suffered a $280 million exploit, core stablecoin positions shifted from USDC to USDT, and Tether offered a recovery plan exceeding $130 million, while Circle remained cautious about freezing the involved USDC. This liquidity rotation has, in the short term, reinforced USDT’s share and trading depth on the Solana network, reducing the network’s reliance on a single stablecoin and enhancing USDT’s dominance in DeFi applications. Consequently, this increases SOL's network stickiness and fee demand.

The crypto market cap rose 1.5% to $2.65T, with BTC and ETH gaining 2.0% and 1.1% respectively, led by Meme sector growth. Charles Schwab launched spot BTC and ETH trading for its 39M clients with a 0.75% fee, competing with Coinbase and Robinhood. Solana’s Drift Protocol shifted from USDC to USDT after a $280M exploit, backed by a $127.5M Tether recovery package. Regulatory uncertainty continues with delayed US stablecoin legislation and UK FCA custody proposals. Ethereum saw record Q1 transactions driven by Layer 2s, while Bitcoin miner HIVE Digital plans a $75M note offering to expand into AI infrastructure.

Market Trends Upward; Charles Schwab Launches Crypto Trading Platform

The recent Drift Protocol hack, causing nearly $285 million in losses, initially sparked panic but has shifted market focus to recovery efforts and key players. Tether's $150 million recovery proposal contrasts with Circle's refusal to freeze exploited $USDC funds, fueling speculation and impacting Solana's $SOL price, which rallied 4.9%. This has sparked debate over stablecoin dominance on Solana, with $USDT gaining momentum as $USDC supply declines, signaling a potential liquidity rotation in Solana's DeFi ecosystem.

Solana’s breakout is tied to post-hack sentiment and liquidity shift: Details

From the daily chart perspective, SOL spiked to $90.48 on April 16 before retracing to close at $83.49 on April 19. The current price hovers near the intersection of the descending trendline and the upper Bollinger Band, with $88.56 as a primary resistance level. If a sustained daily breakout occurs with increased trading volume, an upward move toward $100 becomes possible; otherwise, the $79.5 support should be closely watched, and a further breakdown could see a retreat to the $65 lower support region. Recently, trading volume spiked at highs before receding, indicating intensified bull-bear divergence and heightened short-term volatility.

Solana's price trades near key resistance at $88.56, where the upper Bollinger Band meets a descending trendline. The integration of wXRP on Solana has brought over $100M in liquidity, enabling XRP holders to access Solana's DeFi without selling native tokens. Derivatives activity surged, with shorts facing significant liquidations. A daily close above $88.56 could target $100, while failure may see support tested at $79.51 and lower.

Solana Price Prediction: wXRP Brings $100M To Solana DeFi as SOL Tests $88.56 Resistance

Solana's price is struggling to hold above the critical $80 support while facing resistance at $87 and $100. Trading below its 100-day moving average of $97, the asset remains under bearish pressure with a pattern of lower highs and lows. Analysts see two scenarios: a bullish rally to $115 if resistance is broken, or a drop toward $35-$40 if support fails. A confirmed breakout above $100 is needed to revive bullish momentum.

Solana Defends $80 Support — Can Bulls Drive a Rally to $115?

Solana ($SOL) price surged nearly 5% on April 16, reaching around $89.31 and approaching a key resistance near $90. The rally led to $23.27 million in futures liquidations, mostly short positions. Solana ETFs saw steady inflows, indicating growing institutional demand. Technical indicators show strong bullish momentum, with $SOL breaking out of a consolidation pattern and trading above major moving averages, though volatility risks remain near resistance levels.

Solana Price Surges 5% Amid Major Short Liquidations

The actions of institutional investors and the derivatives market continue to shape short-term sentiment for SOL. On April 16, SOL’s price rise triggered over $23 million in short liquidations, highlighting stress for shorts; at the same time, Solana-related ETFs saw net inflows exceeding $15.5 million, indicating reinvigorated institutional interest in SOL allocation. On the geopolitical front, easing risks in the Middle East have broadly lifted risk assets, with SOL posting single-day gains of nearly 6%. In addition, sharp rallies in ecosystem meme coins like BELIEF reflect a phase of heightened risk appetite, but high volatility persists, and market sentiment remains highly event-driven and prone to rapid shifts.

Amid easing Middle East tensions, Iran announced the full reopening of the Strait of Hormuz during a ceasefire, boosting global risk assets. Bitcoin surged past $77,000, rising about 5% in 24 hours, while major altcoins like Ethereum, XRP, and Solana gained around 6%. The Strait, vital for 20% of global oil transport, now allows commercial ships under Iran's coordinated routes. US markets also hit record highs, reflecting increased risk appetite.

The reopening of the Strait of Hormuz boosts the crypto market, with Bitcoin breaking through $77,000 and major altcoins rising in sync.

Bitcoin and altcoins are experiencing positive trends amid a US-Iran ceasefire, with Bitcoin prices fluctuating between $74,000 and $75,000. US spot ETFs show continued inflows: Bitcoin ETFs saw $26.1 million net inflows, led by BlackRock’s IBIT fund. Ethereum ETFs recorded $18 million net inflows for the sixth day, led by BlackRock’s ETHA fund. Solana and XRP ETFs also saw net inflows of $15.5 million and $11.8 million, respectively.

What’s the Latest Situation in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP ETFs? Do They Reflect the Rise? Here’s the Latest Data!

According to ChainCatcher and GMGN data, the SOL ecosystem meme coin BELIEF's market value has surpassed $14 million, currently at $13.89 million, with a daily increase of over 400%. Investors are advised to be cautious due to the high volatility of meme coin prices.

Data: BELIEF market cap surpasses $14M, with a daily increase of over 400%

Wrapped SOL

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The meme coin BELIEF has a market cap of $11M, with a 24-hour increase of 64%.

The SOL spot ETF had a net inflow of $35.17 million last week.

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Wrapped SOL Price: SOL Live Price Today | SOL Market Cap & Chart Analysis | Bybit-eu

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SOL price today is 85.51, with a live price change of 1.01 in the last 24 hours. Convert, buy, sell and trade SOL on Bybit-eu.

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