Solana price slides 6.6% as sellers stay in control

Solana price slides 6.6% as sellers stay in control into Friday

Solana ($SOL) traded at $94.58 at 1:41 p.m. ET on Friday, down 6.6% in 24 hours, as a $6.3 billion hack at Binance weighed on crypto.

The quick take

Price: $SOL $94.58, -6.6% in 24 hours ↓, -9.4% in 7 days ↓ (CoinGecko, 17:41 UTC).
Trigger: A $6.3 billion hack at Binance set off $1.57 billion in futures liquidations, CoinDesk reported.
Watch: Binance withdrawals, which stay paused while deposits remain open, according to The Block.

What happened

The Solana price slides again on Friday. Solana ($SOL) traded at $94.58 as of 1:41 p.m. ET, down 6.6% in 24 hours, according to CoinGecko. Jupiter’s price feed showed $94.67, within 0.1% of that.

Over the past 24 hours, $SOL moved between $92.64 and $101.08, CoinGecko data shows. The token is down 9.4% over seven days. Its market value stands near $55.8 billion.

Why it moved

The drop came as crypto absorbed a hack at the Binance exchange. Binance put the loss at $6.3 billion, The Block reported on Friday. CoinDesk said futures liquidations jumped to $1.57 billion after the hack.

Binance said it has $6.34 billion of its own money ready to pay for the losses, per The Block. Partners froze about $3 billion of the stolen funds, the exchange said. Withdrawals are paused, but users can still deposit.

CoinDesk also reported that open interest in $SOL futures fell 13.3% and funding turned negative. It read that as money leaving Solana futures. Bitcoin ($BTC) fell less, trading at $77,167, down 4.8%, according to LiveCoinWatch.

Who’s buying and selling

Sellers led on Solana’s biggest trading pool. The SOL/USDC pool on Orca logged 68,700 sells against 55,480 buys over 24 hours, DexScreener data shows. GeckoTerminal showed a similar split: 68,547 sells and 55,129 buys.

Money in Solana DeFi apps stood at $5.34 billion, per DefiLlama. Solana DEX trading volume reached $2.30 billion in the latest 24-hour reading.

What to watch next

Binance withdrawals stay paused for now, CoinDesk and The Block reported, so a restart is the next signal for the market. Decrypt counted more than $1.33 billion in liquidations on the day, which makes leverage the gauge to follow. In CoinGecko’s data, the 24-hour low of $92.64 is the nearest marker.

Bottom line: Solana’s 6.6% slide tracks a market shaken by the Binance hack, and sellers still lead on its main trading pool.