{"id":18914,"date":"2026-04-02T10:30:43","date_gmt":"2026-04-02T10:30:43","guid":{"rendered":"https:\/\/cryptoted.net\/index.php\/2026\/04\/02\/solana-price-confirms-bearish-crossover-following-drift-exploit-will-it-crash\/"},"modified":"2026-04-02T10:30:43","modified_gmt":"2026-04-02T10:30:43","slug":"solana-price-confirms-bearish-crossover-following-drift-exploit-will-it-crash","status":"publish","type":"post","link":"https:\/\/cryptoted.net\/index.php\/2026\/04\/02\/solana-price-confirms-bearish-crossover-following-drift-exploit-will-it-crash\/","title":{"rendered":"Solana price confirms bearish crossover following Drift exploit, will it crash?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"is-style-lead\">Solana price fell nearly 9% following a major exploit on its Drift Protocol DeFi platform that drained nearly $300 million in digital assets.<\/p>\n<div id=\"cn-block-summary-block_c1cf74d97279bfcc884a12905c50f737\" class=\"cn-block-summary\">\n<p>\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/p>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Solana price dropped about 9% after a $285 million exploit on Drift Protocol, one of the largest hacks in the network\u2019s history.<\/li>\n<li>Broader market weakness tied to escalating U.S.\u2013Iran tensions and rising oil prices added to selling pressure on SOL.<\/li>\n<li>Technical indicators signal continued downside risk, with key support at $75, while a move above $93 could invalidate the bearish setup.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>According to data from crypto.news, Solana (<a href=\"https:\/\/crypto.news\/price\/solana\/\" target=\"_blank\">SOL<\/a>) price fell 9% to an intraday low of $78.6 on April 2, bringing its market cap down to $45.5 billion. Over the past 7 days, SOL price has fallen by over 10%, marking the steepest loss among the top 10 cryptocurrencies in the market.<\/p>\n<p>Solana price crashed following a <a href=\"https:\/\/x.com\/DriftProtocol\/status\/2039417136729227425\" target=\"_blank\" rel=\"nofollow\">major exploit<\/a> on the Drift Protocol that left investors concerned about the security of decentralized finance applications on the network. Notably, the $285 million hack stands as one of the largest hacks in the Solana ecosystem over the past 5 years.<\/p>\n<p>The token also fell along with a broader market drop as investors retreated to the sidelines on news of an <a href=\"https:\/\/crypto.news\/why-is-the-crypto-market-crashing-today-april-2\/\" target=\"_blank\">escalation of the U.S. and Iran conflict<\/a> in the Middle East, which has led oil prices to climb back above $100.<\/p>\n<p>Solana price has also suffered due to lackluster demand from institutional investors. <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-sol-spot\" target=\"_blank\" rel=\"nofollow\">Data<\/a> from SoSoValue show that spot Solana ETFs have recorded no inflows over the past nine days aside from the $4.64 million inflow seen last Thursday.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>On the daily chart, Solana price has followed a descending channel pattern that it has respected since mid March. Cryptocurrencies tend to form lower lows and lower highs within this range as long as they remain under bearish pressure.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1827\" height=\"954\" src=\"https:\/\/media.crypto.news\/2026\/04\/SOLUSDT_2026-04-02_15-27-38.webp\" alt=\"Solana price has formed a descending parallel channel pattern on the daily chart.\" class=\"wp-image-14455668\"\/><figcaption class=\"wp-element-caption\">Solana price has formed a descending parallel channel pattern on the daily chart \u2014 April 2 | Source: <a href=\"https:\/\/crypto.news\/price\/solana\/\" target=\"_blank\">crypto.news<\/a><\/figcaption><\/figure>\n<p>Technical indicators suggest more caution for traders over the short term. Notably, the 20-day SMA has formed a bearish crossover with the 50-day SMA.<\/p>\n<p>Additionally, the Chaikin Money Flow index shows a negative reading of 0.04, a sign that investors are drawing away capital or funds from the Solana market, likely due to the recent security breach.<\/p>\n<p>For now, $75, a support level that aligns with a strong pivot reverse of the Murrey Math lines, serves as the next key floor that traders should keep an eye on. A sharp drop below this level can accelerate the downward momentum.<\/p>\n<p>On the contrary, a rebound above $93, a level where previous resistance sits, could signal the start of a new uptrend for the asset.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<div class=\"cn-block-disclaimer\">\n<p class=\"cn-block-disclaimer__content\">\n            Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.        <\/p>\n<\/p><\/div>\n<p><!-- .cn-block-disclaimer --><\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/crypto.news\/solana-price-confirms-bearish-crossover-following-drift-exploit-will-it-crash\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana price fell nearly 9% following a major exploit on its Drift Protocol DeFi platform that drained nearly $300 million in digital assets. Summary Solana price dropped about 9% after a $285 million exploit on Drift Protocol, one of the largest hacks in the network\u2019s history. Broader market weakness tied to escalating U.S.\u2013Iran tensions and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":18818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[23],"tags":[],"kronos_expire_date":[],"class_list":["post-18914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"_links":{"self":[{"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/posts\/18914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/comments?post=18914"}],"version-history":[{"count":0,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/posts\/18914\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/media\/18818"}],"wp:attachment":[{"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/media?parent=18914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/categories?post=18914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/tags?post=18914"},{"taxonomy":"kronos_expire_date","embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/kronos_expire_date?post=18914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}