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

[Ben Graham]

Solana (SOL) is showing remarkable resilience this week, holding firmly above the critical $140 support zone despite heightened market anxiety following a $37 million hack on South Korea’s Upbit exchange.

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

Franklin Templeton’s Solana ETF Fuels Institutional Momentum

The global investment giant, which manages $1.67 trillion in assets, is positioning itself at the forefront of crypto-focused investment products. The proposed ETF would offer regulated exposure to Solana without requiring investors to hold the token directly, a move widely seen as a bullish catalyst for long-term adoption.

Historically, ETFs have had mixed but notable effects on crypto markets. Bitcoin surged to new all-time highs after its ETF debut in 2024, while Ethereum took months to show similar momentum.

Analysts say it remains unclear whether SOL will follow the Bitcoin pattern or display a more gradual response once the ETF is approved.

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 Solana-based tokens.

The exchange immediately halted deposits and withdrawals, moved remaining assets into cold storage, and pledged to fully reimburse affected customers from its own reserves. While such incidents typically trigger steep price drops, Solana’s ecosystem demonstrated surprising stability.

Not only did SOL hold above $140, a multi-month high-timeframe support zone, but Solana memecoins such as BONK, TRUMP, and MOODENG barely reacted. Traders pointed to on-chain data showing buyers aggressively defending key support levels, even as broader market sentiment wavered.

Upbit has already frozen ₩12 billion worth of stolen LAYER tokens and is working with partners to trace additional assets. The timing of the breach, occurring nearly six years to the day after Upbit’s notorious 2019 hack, has drawn attention but has not shaken confidence in Solana’s network.

Technical Outlook: Rebound or Breakdown?

Analysts highlight $142–$145 as the immediate resistance band, supported by an estimated 13 million SOL accumulated at that level. A breakout could open the path toward $165, $188, and even higher liquidity pockets at $220–$240.

Longer-term projections suggest potential targets between $360 and $480 if Wyckoff reaccumulation patterns complete. However, a failure to maintain $143 support could send SOL toward deeper zones at $130–$127.

For now, Solana’s impressive stability, amid an exchange hack and ongoing market downturn, underscores growing confidence in the ecosystem as institutional players continue to step in.

Cover image from ChatGPT, SOLUSD chart from Tradingview