Solana’s recovery rally stalled on Wednesday after Upbit confirmed a $37 million security breach involving SOL and dozens of Solana-based tokens. Although the exchange pledged to absorb all customer losses, the incident injected renewed caution into the market and slowed Solana’s efforts to break through a crucial resistance zone.
Solana Struggles Near $144 as Momentum Fades
SOL attempted to extend its rebound toward $144 after bouncing from the $127 support area, but buying pressure weakened almost immediately following news of the Upbit outflow. The token now trades near $142, giving back part of its earlier surge.
The price remains capped by a firm resistance band at $142–$144, a level that has rejected multiple attempts in recent days. Indicators signal liquidity stress: both CMF and OBV are showing bearish divergences, suggesting capital outflows despite the broader market’s recovery.
As a result, traders expect a possible retest of $138 unless bulls force a move above $150. A breakout toward $153 would help neutralize the short-term bearish setup.
Hack Raises Ecosystem Concerns
Notably, Upbit disclosed on November 27 that one of its Solana hot wallets was compromised, leading to unauthorized transfers of SOL and several ecosystem tokens, including BONK, JUP, PYTH, RAY, RNDR, ORCA, MEW, and USDC. The exchange suspended all Solana deposits and withdrawals while shifting remaining assets to cold storage and freezing suspicious transfers.
Meanwhile, Upbit affirmed that it will fully reimburse affected users from its corporate holdings. That commitment has prevented wider contagion across the market, limiting the immediate impact on Solana’s broader trajectory.
Despite this, the hack briefly disrupted intraday sentiment. The initial reaction saw SOL’s upward momentum fade, interrupting what had been a steady climb from local lows below $130. Traders remain cautious, watching whether network activity or liquidity conditions weaken further in response to the incident.
If bulls defend higher-timeframe supports near $180, Solana could regain momentum and aim for the $195–$205 resistance cluster. Losing that level, however, would complicate the recovery narrative.
Brenda Kanana
Evans Kelvin
