Solana (SOL) has shown remarkable resilience this week, maintaining support above $140 despite heightened market anxiety following a $37 million hack on South Korea’s Upbit exchange. The token’s stability underscores growing confidence in Solana, particularly as institutional interest ramps up.

Franklin Templeton’s Solana ETF Sparks Institutional Momentum

Institutional enthusiasm for Solana is rising, highlighted by Franklin Templeton’s recent Form 8-A filing with the U.S. SEC to launch a Solana ETF. The global investment firm, managing $1.67 trillion in assets, aims to offer regulated exposure to Solana without investors needing to hold the token directly.

Historically, ETFs have influenced crypto markets in different ways. Bitcoin surged to new all-time highs following its ETF debut in 2024, while Ethereum took months to reflect similar momentum. Analysts note that it remains uncertain whether SOL will mirror Bitcoin’s rapid response or experience a more gradual rally once Franklin Templeton’s ETF receives approval.

Upbit Hack: $37 Million in SOL and Tokens

The recent hack involved an unauthorized outflow of approximately 54 billion KRW ($37 million) in SOL and several Solana-based tokens. Upbit promptly halted deposits and withdrawals, secured remaining assets in cold storage, and pledged full reimbursement for affected customers from its own reserves.

Despite the breach, Solana demonstrated surprising stability:

• SOL held above the $140 support zone, a multi-month high-timeframe level.
• Solana memecoins such as BONK, TRUMP, and MOODENG showed minimal price reaction.
• On-chain data indicates buyers aggressively defended critical support levels.

Upbit has already frozen ₩12 billion worth of stolen LAYER tokens and is collaborating with partners to recover additional assets. Analysts noted that the timing, nearly six years after Upbit’s infamous 2019 hack, drew attention but did not undermine confidence in Solana’s network.

Technical Outlook: Key Levels to Watch

Traders are watching the $142–$145 resistance band, where approximately 13 million SOL has accumulated. A successful breakout could open the path toward:

• $165, $188, and higher liquidity pockets at $220–$240.

Longer-term projections suggest potential targets between $360 and $480 if Wyckoff reaccumulation patterns complete. Conversely, a failure to maintain $143 support could push SOL toward deeper zones at $130–$127.

Takeaway

Solana’s ability to hold support amid an exchange hack and ongoing market volatility underscores the network’s growing maturity. With institutional players like Franklin Templeton entering the space, SOL may see further upward pressure in the coming months, while market participants monitor technical levels for the next significant move.