Solana News Today: Institutional Confidence Shields Solana from Upbit Hack Fallout

Solana (SOL) has demonstrated unexpected resilience this week, maintaining its position above the critical $140 support level despite a $37 million hack at South Korea's Upbit exchange. The incident, which involved unauthorized withdrawals of Solana-based tokens including SOL, USDC, and several memecoins, triggered immediate market jitters. However, Solana's ecosystem, bolstered by surging institutional demand and technical strength, has so far absorbed the shock without significant price disruption.

The hack, confirmed by Upbit on November 27, 2025, saw 54 billion KRW ($36.8 million) siphoned from its Solana hot wallets. The exchange swiftly suspended deposits and withdrawals, froze stolen assets in cold storage, and pledged to reimburse users from its reserves. While such breaches typically drive crypto prices lower, Solana's price has held firm, with analysts attributing this stability to robust institutional buying pressure and a growing narrative of confidence in the network's security and scalability.

Institutional interest in Solana has surged, highlighted by Franklin Templeton's recent Form 8-A filing with the U.S. SEC to launch a spot Solana ETF. The $1.67 trillion asset manager's move, expected to trigger a listing on NYSE Arca as early as November 26, underscores a broader trend of traditional finance embracing crypto. Franklin's ETF, which will hold physical SOL, joins a wave of inflows into existing Solana ETFs. Since late October, these funds have recorded 21 consecutive days of net inflows, totaling $621 million, with Bitwise's BSOL and Grayscale's GSOL leading the charge.

The ETF momentum has created a structural floor for SOL, shielding it from broader market volatility. While Bitcoin and Ethereum ETFs have seen outflows, Solana's institutional demand remains unrelenting. Raj Gokal, co-founder of Solana, noted that the inflows have "created a steady bid even through the recent drawdown," a sentiment echoed by on-chain analysts who observe aggressive buying at key support levels.

Technically, Solana faces a pivotal test at $140–$145, a resistance zone supported by 13 million SOL in accumulated liquidity. A breakout could propel the price toward $165–$188, while a breakdown risks a retest of $130–$127. The current consolidation, however, suggests buyers are entrenched. Short-term indicators like the RSI and MACD show bullish divergences, and the 50-day EMA is flattening, hinting at potential support reclamation.

The Upbit hack, while disruptive, has not shaken Solana's ecosystem. Memecoins like BONK and TRUMP have barely reacted, and on-chain data reveals persistent buyer activity. Analysts at LVRG Research argue that the ETF inflows have formed a "support floor that may help price stability as liquidity rebuilds." Meanwhile, Solana's network metrics, including TVL and active addresses, remain mixed, with some DeFi protocols like Jito and Raydium experiencing declines according to market analysis.

Looking ahead, the interplay between institutional demand and technical dynamics will likely determine Solana's trajectory. If the $140 level holds, the path to $165–$188 becomes viable, with longer-term targets at $360–$480 contingent on Wyckoff reaccumulation patterns. However, a failure to sustain above $143 could expose deeper support zones. For now, Solana's ability to withstand the Upbit incident and maintain institutional backing signals growing confidence in its role as a foundational asset in the crypto market.