Solan price is trading lower today amid broader market risk aversion and the largest DeFi exploit of 2026. Iran’s closure of the Strait of Hormuz on April 19 prompted a shift away from risk assets, with the SOL coin falling 1.77% to $83.95 in 24 hours. This decline mirrored Bitcoin’s 1.47% drop and a 1.25% decrease in the total crypto market cap. Additionally, a $292 million cross-chain exploit increased selling pressure specific to Solana (SOL).
Solana Price Holds $83–$85 Floor as Leveraged Positions Build Overhead
Crypto analyst Ted identified two dominant liquidity clusters currently visible in Solana’s book: one sitting above $90, another stacked below $85. With US-Iran tensions unresolved, he expects SOL price to sweep the downside cluster before any sustained push higher materializes.
The 30-day SMA at $85.29 is acting as immediate overhead resistance. Reclaiming the 23.6% Fibonacci retracement at $86.15 is the minimum needed to shift the short-term bias.
Another technical analyst, Don (@DonWedge), takes the longer view, stating that on the monthly chart, Solana crypto is inside a large descending channel he reads as a bullish reversal structure. A smaller internal channel has already broken out and formed an accumulation box, with a mid-channel test anticipated soon.
Futures open interest has risen roughly 20% recently, making sharp liquidation events increasingly probable in either direction. A break below $83 risks a cascade toward $80 and probably below. Solana price prediction scenarios for recovery hinge on $86.15 holding on to a reclaim.
KelpDAO Exploit Sends Solana DeFi Utilization to the Limit
The KelpDAO hack, executed via a LayerZero bridge, drained 116,500 rsETH and set off a chain reaction across DeFi. The attacker deposited the stolen rsETH as collateral on Aave V3 and borrowed approximately $236 million in WETH, leaving the protocol with an estimated $280 million in unrecoverable bad debt.
Aave’s ETH pool hit 100% utilization, and panic withdrawals totaled $5.4 billion in ETH outflows. Justin Sun alone pulled 65,584 ETH worth $154 million, and the fallout crossed chains fast.
On Solana, Kamino Finance’s USDC utilization hit 100% in key pools, with multiple vaults above 95%. Validators flagged that wrapped assets like wXRP carry similar counterparty risk exposure.
However, Solana’s Q1 2026 network processed $1.1 trillion in transactions, totaling 25.3 billion, and 3.78 million daily active addresses. Also, spot SOL ETF cumulative net inflows crossed $1 billion, with $35.17 million flowing in the week ending April 17, the strongest weekly intake since February.
Solana coin remains down more than 30% year to date and roughly 65% below its September 2025 high of $247. Any de-escalation in the Middle East restores the risk appetite needed to close that gap.
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