Three Solana-based platforms, Step Finance, SolanaFloor, and Remora Markets, are shutting down due to the irrecoverable Step Finance hack that occurred at the end of January. Step Finance announced that it investigated financing and acquisition opportunities but found no viable solution, citing the security breach on January 31 where 261.854 SOL worth $27 million was stolen from treasury wallets. Operations are ceasing immediately; a snapshot-based buyback before the hack for STEP token holders, and a redemption process for Remora rToken holders will be initiated.
Source: Remora Markets
STEP Price Collapse After Step Finance Hack
After the hack, the STEP token price fell 96% to $0.00057 and lost another 36% with the shutdown announcement. Solana DeFi total value locked (TVL) decreased 52% from its September peak to $6.3 billion. The SOL price dropped 74% to $78. The CertiK report confirmed the amount of unstaked SOL.
STEP prices have crashed to virtually zero. Source: CoinGecko
SOL Price and Current Technical Analysis
SOL is currently trading at $76.83 (-1.22% 24h). RSI at 31.36 is in oversold territory, overall trend bearish (Supertrend: Bearish, EMA 20: 87.32). Click for detailed SOL analysis.
- Critical Supports:
- S1: $75.67 (⭐ Strong, -1.85% distance)
- S2: $67.50 (⭐ Strong, -12.45% distance)
- Critical Resistances:
- R1: $86.70 (⭐ Strong, +12.45% distance)
- R2: $78.43 (⭐ Strong, +1.72% distance)
Critical Support and Resistance Levels for SOL
- S1 ($75.67): Strong support with Keltner Lower and Fibo 0.114 (73/100 score).
- R1 ($86.70): Resistance with EMA 20 and Swing High (75/100 score).
- Take positions for SOL futures.
Frequently Asked Questions About SOL
How did the Step Finance hack affect SOL price? 52% drop in TVL and unstakes pulled SOL down 74%.
What will STEP token holders receive? Snapshot-based buyback process before the hack.
Will Solana DeFi recover? RSI giving oversold signal, S1 support is critical.
Source: https://en.coinotag.com/step-finance-hack-3-solana-platforms-shutting-down