SOL came under short-term pressure due to recent DeFi security incidents, leading to price consolidation within the $83.5-$87 range and a stalemate between bulls and bears. There was a net outflow of mainstream funds and institutional hedging, reflecting intensified market game dynamics. On the ecological front, strengthened security measures and ongoing innovation have effectively mitigated systemic risks, helping to solidify long-term value. Pay attention to BTC trends and shifts in market risk appetite: if Bitcoin remains steady, SOL may see a breakout on increasing volume; otherwise, a pullback to $84 is possible. A cautious allocation is recommended, with a focus on broad market linkage signals and flexible position adjustments.

In mid-April, several DeFi security issues erupted simultaneously. Lending protocols within the Solana ecosystem experienced significant withdrawals, with total industry TVL shrinking by nearly $1 billion. As a result, SOL's price dropped to about $83.5 on April 19; after breaking below its daily moving average support, a technical rebound occurred. Although the price later recovered above $86, market concerns over potential cascading risks persist, suppressing bullish confidence and causing distinct short-term selling pressure.

The rsETH security incident involving Kelp DAP has triggered significant fund withdrawals from major lending protocols, spreading caution across the DeFi market, including unaffected platforms like the Solana ecosystem. Notable net outflows include Aave with approximately $6.2B (-23%), Morpho $716M (-9%), Sky Protocol $272M (-4%), and JupLend $76M (-8%), highlighting the spillover impact on DeFi liquidity.

DeFiLlama Founder: rsETH Security Incident Triggers Fund Withdrawals from Multiple Lending Protocols, Aave Net Outflow of About $6.2B

The KelpDAO hack triggered a chain reaction of panic withdrawals across DeFi lending protocols, including those on Solana and unaffected platforms. Notably, Aave saw a net outflow of $6.2 billion (-23%), Morpho $716 million (-9%), Sky $272 million (-4%), and JupLend $76 million (-8%). Overall, DeFi TVL shrank by nearly $10 billion, shrinking the industry's total value and causing losses for all participants.

Opinion: DeFi TVL evaporated by nearly $10 billion due to the KelpDAO hack, causing the industry's "pie" to shrink.

In April, the crypto industry suffered losses exceeding $600 million due to at least 13 hacks on various protocols and platforms. Major incidents include Drift Protocol and KelpDAO, each losing over $280 million. Drift's $285 million theft on April 1 is Solana's second-largest hack, while KelpDAO's $292 million loss on April 18 is the largest DeFi hack of 2024. Several attacks are linked to North Korean hacker groups.

The crypto industry losses in April have exceeded $600 million, with KelpDAO and Drift each hacked for over $280 million.

In response to the security incidents, core Solana ecosystem projects have acted swiftly to enhance security. Some protocols rotated environment keys and reviewed logs, with no further anomalies found, reducing the probability of systemic risk spread. Meanwhile, the latest financial report shows that network revenue and developer numbers saw a significant quarter-on-quarter decline, but stablecoin and private DEX innovation remains active, providing core support for the ecosystem. From a medium- to long-term perspective, this localized cooling is more conducive to removing speculative elements and solidifying the network's fundamental value.

On April 20, Solana DeFi protocol Meteora announced it has responded to the recent Vercel security incident by rotating environment keys and checking logs 12 hours ago, finding no issues. The team will continue monitoring the situation to ensure the safety of Meteora and its users.

Meteora: Noticed the Vercel security incident, has rotated environment keys and checked logs.

Solana's Q1 report reveals a 68% year-on-year revenue decline and a 30% drop in developer numbers, marking a significant cooldown after a period of speculative growth. Total network fees fell to $89.9 million, the lowest since Q3 2023, with active addresses and staking showing mixed trends. Despite challenges, stablecoin innovation and private DEX growth continue, while Solana aims to compete in perpetual contracts and tokenized real-world assets to reduce cyclical volatility.

Solana Q1 Report: Revenue fell by 68% year-on-year, and the number of developers decreased by 30%.

Recently, meme coins on the Solana chain have witnessed extreme speculative price movements, with single-day gains exceeding 180% and market capitalization temporarily surpassing $15 million. Although such assets are not native to SOL's main chain, this heightened short-term sentiment often triggers contagion effects in peripheral markets. SOL's own trading volume has not surged in tandem, indicating mainstream tokens have not been directly ignited, and most speculative overflow manifests in on-chain innovative assets.

According to ChainCatcher and GMGN data, the SOL Meme coin UNC surged over 180% within the day, with its market value surpassing 15 million USD, currently reported at 12.23 million USD.

Data: SOL Meme coin UNC surged over 180% intraday, market cap surpassed $15 million.

Data shows that the largest SOL short address recently injected large amounts of USDC into leveraged platforms and opened high-leverage long positions, while still holding over 250,000 SOL shorts. This hedging strategy reflects institutional uncertainty regarding short-term price swings. Meanwhile, digital asset investment products have seen net outflows for several consecutive weeks, making SOL's consolidation between $85 and $87 more pronounced and leading to a standoff between bulls and bears.

The largest SOL short address recently deposited 9 million USDC into Hyperliquid and opened 200,687 xyz:BRENTOIL triple-leverage long positions, with a nominal value of about $18.08 million. Meanwhile, the address still holds 254,771 SOL short positions, valued at approximately $21.6 million.

The largest SOL short position has switched to going long on crude oil, investing approximately $18.08 million to open a 3x leveraged long position.

Bitcoin surged above $78,000 following Iran’s reopening of the Strait of Hormuz but fell after the US maintained its blockade and Iran attacked a US ship. Despite volatility, Bitcoin saw $1.11 billion inflows last week, with Ethereum also gaining $328 million. XRP and Solana experienced outflows, while regional inflows were led by the US with $1.49 billion. Coinshares highlighted this as the strongest inflow since January, marking a positive trend for Bitcoin and Ethereum.

Critical Report for Bitcoin (BTC) and Altcoins! The Table is Good for Bitcoin and Ethereum (ETH), Bad for XRP and This Altcoin!

Recently, Bitcoin broke above a key resistance level, reaching a four-week high. This aligns with its 100-day moving average and the negative gamma threshold in the derivatives market. If BTC remains firm, it may facilitate an altcoin recovery. As a highly correlated mainstream public chain asset, SOL's price may also see a volume breakout alongside BTC trends. However, if choppy conditions persist, a pullback to the $84 support is likely, making it essential to monitor the strength of market-wide fluctuations impacting SOL.

Bitcoin has surpassed a four-week high, rising above $74,000. Analysts identify $75,000 as a critical "volatility release point," where derivative market negative gamma effects may amplify price fluctuations. This level coincides with Bitcoin's 100-day moving average, a key resistance in January. Breaking $75,000 could accelerate an uptrend, while a pullback may increase downward pressure. The $80,000–$80,600 range is a positive gamma zone with lower volatility, and the 200-day moving average at $87,519 serves as a long-term reference.

Analysis: Bitcoin breaks four-week high, key price range may intensify market volatility

Wrapped SOL

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Data: MAGA market cap surpasses $20M, with a daily increase of over 260%

BELIEF market cap surpasses $20M, up over 30% intraday

On April 21, during a hearing in the U.S. Senate, current Federal Reserve Chairman Powell was mentioned 10 times.

CICC Research Report: Walsh's statements at the hearing have shown a tendency to cut interest rates.

Powell’s hearing was intense: denied promising rate cuts to Trump, fiercely criticized the Fed for losing its way, and was called a "puppet."

Wash's statement shows a tendency toward rate cuts, and the Federal Reserve's policy may be adjusted.

Monthly Active Addresses Explode – Analyzing the Surge in Layer-1 and Layer-2 Network Utility

Solana is becoming the ‘onchain Nasdaq,’ says Solana Foundation exec

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SOL price today is 88.16, with a live price change of 2.78 in the last 24 hours. Convert, buy, sell and trade SOL on Bybit-eu.

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