Solana Price Hovers Near Critical Support Level as Step Finance Shuts Down

Solana's price has been experiencing significant volatility in recent days, with its current value hovering near the $76 mark. This level is considered a critical support zone, and analysts are closely watching to see if it will hold or break through.

One analyst, Four_iv, shared a four-hour chart on TradingView that shows Solana's price pressing against this support level. The chart highlights a series of lower highs, indicating short-term weakness in the market. Despite previous attempts to rebound, each rally has stalled below prior peaks, leaving the market uncertain about its next move.

Meanwhile, Step Finance and related projects have announced their shutdown due to a recent hack that resulted in the loss of $28.9 million worth of SOL tokens. The project's team is working on a buyback for STEP holders and a redemption process for Remora rToken holders. The closure follows another DeFi platform shutting down last week, raising concerns about the security risks facing the industry.