Solana (SOL) is currently trading at $78.96 on Wednesday, February 25, 2026, marking a modest 0.18% daily increase but continuing a weekly decline of 7.34%, according to CoinMarketCap. The 24-hour trading volume fell 27.47% to $3.6 billion, reflecting subdued investor activity as traders assessed technical risks and ongoing market volatility.
Solana Price Consolidation in Rectangle Pattern
Crypto analyst CryptoPulse highlighted that SOL is consolidating within a rectangle on the daily chart and is now testing support levels. “If the daily candle closes below this zone, SOL could drop toward $50–$40,” the analyst said, noting that bearish momentum has dominated following repeated rejections near $88–$89.6.
SOL’s broader price structure confirms a bearish trend, with lower highs signaling weakening bullish pressure. The latest breakdown below the $77.2–$78.2 support zone reinforces the potential for continued losses. Volume trends indicate strong participation during sell-offs and limited interest during consolidation, a pattern consistent with distribution followed by continuation.
Momentum metrics further validate the downside bias. The Relative Strength Index (RSI) remains below 50, showing that selling pressure dominates, while the MACD remains below the zero line despite minor relief bounces. Analysts warn that any short-term rebound is likely corrective unless SOL can reclaim and hold above $78.
Step Finance Shuts Down Core Platform After Hack
Adding to market uncertainty, blockchain analytics firm Step Finance announced the immediate shutdown of its core platform, along with SolanaFloor and Remora Markets, following a late-January hack. Attackers exploited executive devices, gaining access to treasury and fee wallets and moving more than 261,000 SOL, equivalent to $27–$30 million at the time. Overall losses across multiple assets reached nearly $40 million.
Partial recovery efforts restored approximately $4.7 million, but the firm deemed operations unsustainable. Step Finance confirmed a buyback plan for its STEP token, while Remora Markets stated all rTokens remain fully backed 1:1 and will be redeemable for USDC.
Industry observers say the incident highlights operational vulnerabilities outside the blockchain itself, including device security and private key management, which can have systemic effects on the Solana ecosystem.
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