Solana is under pressure after a series of negative developments hit the ecosystem in quick succession. The SOL price has dropped around 1.5%, trading between $78 and $82 at the time of writing.
The biggest driver of the sell-off is the $285 million exploit on Drift Protocol, a Solana-based DeFi platform, which occurred on April 1, 2026. North Korean hackers were linked to the attack. Drift’s total value locked (TVL) collapsed from $530 million to $230 million almost overnight.
That hack has shaken confidence across the broader Solana ecosystem. Investors are now reassessing the security of protocols built on the network.
DeFiLlama data shows Solana’s overall TVL has dropped from above $9 billion to roughly $5.5–$6 billion in recent weeks. That kind of decline reflects real capital leaving the network, not just price movement.
When TVL falls, it signals that fewer users are deploying funds into DeFi protocols. It also makes it harder for new capital to come in, since confidence is low.
On-chain data from Glassnode, shared by analyst Ali Charts, shows that 1.40 million SOL worth around $110 million moved to exchanges over a 72-hour window. Exchange balances climbed from 26.5 million SOL on March 31 to 28.6 million by April 2. Higher exchange balances can point to potential selling ahead, though it does not confirm it outright.
1.40 million Solana $SOL, worth approximately $110 million, were moved to exchanges in the last 72 hours. pic.twitter.com/YnYwLAbcO5
— Ali Charts (@alicharts) April 4, 2026
Solana is currently testing a support zone between $75 and $78. The price has bounced from this area before, but repeated tests without a strong reaction weaken that support over time.
The RSI sits near 44, below the midline, and the MACD remains in negative territory. Both signals point to low momentum. The 50-day EMA sits at $88.80 and is the first resistance level SOL would need to clear for any meaningful recovery.
$SOL Just Got Classified As A Commodity And It's Still -77% From ATH
That's Like Watching #SOLANA Drop To $8 In 2022 And Thinking It Was Dead…
Except This Time It Already Proved It Can Do A 2,194% Rally From The BottomFibonacci Golden Zone Holding Perfectly On The 2W… pic.twitter.com/kZ7lIk2vZL
— Crypto Patel (@CryptoPatel) April 3, 2026
Analyst Crypto Patel shared a long-term chart showing SOL sitting near a Fibonacci support zone between $61.75 and $42.62. The chart points to a potential accumulation area if the current zone holds, referencing SOL’s previous 2,194% rally from 2022 lows. However, Crypto Patel noted that the $1,000-plus long-term target on the chart is a projection only, not a confirmed move.
SOL ETF data from Sosovalue shows a net weekly outflow of $5.24 million, marking the second consecutive week of outflows. Institutional demand remains weak in the near term.
The post Solana (SOL) Price: What the Charts and On-Chain Data Say About SOL in April appeared first on CoinCentral.
