In a remarkable display of market maturity, Solana (SOL) has demonstrated impressive stability despite a significant security incident at one of the world’s largest cryptocurrency exchanges. Rather than experiencing the expected price decline following a $37 million theft, the digital asset has maintained its trading range and even posted modest gains. This unexpected response raises important questions about the evolving resilience of cryptocurrency markets.
Institutional Flows Experience Temporary Pause
The asset’s price strength emerged alongside a shift in institutional investment patterns. After an impressive streak of 20 consecutive days of net inflows, Solana exchange-traded funds recorded outflows totaling approximately $8.1 million on November 26.
Leading the selling pressure was the 21Shares Solana ETF (TSOL), which saw nearly $34.4 million depart the fund. Countering this trend, the Bitwise Solana ETF (BSOL) attracted $13 million in fresh capital, bringing its total inflows since launch to over $527 million.
The broader institutional outlook remains positive, with Franklin Templeton announcing it will include Solana in its crypto index fund starting December 1, 2025—a significant endorsement from traditional finance. Collectively, Solana ETFs now hold approximately 6.83 million tokens valued at nearly $1 billion.
Upbit Security Incident Fails to Dampen Sentiment
South Korea’s largest digital asset platform, Upbit, suffered a security breach on November 27, 2025, with hackers extracting around $37 million from a hot wallet. The stolen assets consisted primarily of Solana-based tokens, including SOL, USDC, BONK, RAY, JUP, PYTH, RENDER, and ORCA.
The exchange responded immediately by suspending all deposits and withdrawals while transferring remaining assets to cold storage. Crucially, Upbit’s operator Dunamu promptly guaranteed full reimbursement of user losses from company reserves, a move that helped stabilize market sentiment.
Perhaps most notably, the Solana ecosystem itself displayed defensive capabilities by freezing approximately $8.18 million in stolen Solayer tokens (LAYER) directly on the blockchain—an unprecedented action that prevented additional selling pressure.
Should investors sell immediately? Or is it worth buying Solana?
Despite these developments, Solana has traded between $141 and $143, registering gains of 3-4% over 24 hours. This market response indicates investors don’t view the incident as representing systemic risk to the Solana network.
Divergent Behavior Among Investor Classes
On-chain metrics reveal contrasting behavior between different market participants. Active wallet addresses declined significantly following the Upbit incident, likely due to the temporary trading suspension at the Korean exchange.
Large investors, however, have adopted a different approach. A single whale moved 49,165 SOL (approximately $7 million) off the OKX exchange on November 27, apparently intending to stake the tokens. For these major players, current market volatility appears to represent an accumulation opportunity rather than an exit signal.
Technical Analysis Points to Critical Juncture
From a technical perspective, Solana approaches a decisive moment in its price trajectory. The support zone between $135 and $138 has proven resilient, while the $143 level currently serves as a pivotal point—a sustained break above this threshold would signal bullish momentum.
Resistance awaits at $145, with further barriers around $155. A successful breakthrough could potentially open a path toward $170. Technical analysts note concerning signals including a recently formed “death cross,” historically a bearish indicator. However, the neutral RSI reading between 45-48 allows for interpretations in either direction.
The fundamental question remains whether Solana’s underlying strength can overcome technical weakness—an answer likely to emerge in the coming trading sessions.
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