{"id":6925,"date":"2026-02-24T12:01:39","date_gmt":"2026-02-24T12:01:39","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=6925"},"modified":"2026-02-24T12:01:39","modified_gmt":"2026-02-24T12:01:39","slug":"sol-price-outlook-as-three-solana-platform-announce-shut-down-after-step-finance-hack","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=6925","title":{"rendered":"SOL price outlook as three Solana platform announce shut down after Step Finance hack"},"content":{"rendered":"<p><\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2026\/02\/solana-token-on-ground-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2026\/02\/solana-token-on-ground-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2026\/02\/solana-token-on-ground-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2026\/02\/solana-token-on-ground-smartcrop-363x181.png\" type=\"image\/jpeg\"\/><img decoding=\"async\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2026\/02\/solana-token-on-ground.png\" alt=\"A Solana cryptocurrency coin lies on a rough pavement surface.\" width=\"100%\" height=\"100%\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li>Step Finance, SolanaFloor, and Remora Markets halt operations after hack.<\/li>\n<li>STEP token collapses, while Remora tokens remain redeemable.<\/li>\n<li>SOL breaks key $77 support as bearish trend dominates amid high volatility.<\/li>\n<\/ul>\n<p>Step Finance, a leading DeFi aggregator and portfolio dashboard on Solana, has announced an immediate shutdown following a major security breach.<\/p>\n<p>The Step Finance hack reportedly drained over 260,000 SOL from the platform\u2019s treasury, leaving the project unable to recover financially.<\/p>\n<p>Alongside Step Finance, two affiliated platforms, SolanaFloor and Remora Markets, are also winding down operations.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Today we are announcing that Step Finance, SolanaFloor, and Remora Markets will be winding down all operations.<\/p>\n<p>Following the hack at the end of January we explored every possible path forward, including financing and acquisition opportunities.<\/p>\n<p>Unfortunately, we were unable to\u2026<\/p>\n<p>\u2014 Step\u2600\ufe0f (@StepFinance_) <a href=\"https:\/\/twitter.com\/StepFinance_\/status\/2025986934112145849?ref_src=twsrc%5Etfw\">February 23, 2026<\/a><\/p>\n<\/blockquote>\n<h2>Market reaction<\/h2>\n<p>The news has sent shockwaves through the Solana community.<\/p>\n<p>Token holders are reeling from the impact, particularly STEP token investors, whose asset has collapsed nearly 100% since the breach.<\/p>\n<p>\u00a0<\/p>\n<figure id=\"attachment_362014\" aria-describedby=\"caption-attachment-362014\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" data-source=\"CoinJournal\" class=\"wp-image-362014 size-full\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2026\/02\/STEP-token-price.png\" alt=\"Step Finance (STEP) price\" width=\"1366\" height=\"588\"\/><figcaption id=\"caption-attachment-362014\" class=\"wp-caption-text\">Step Finance (STEP) price chart | Source: Coingecko<\/figcaption><\/figure>\n<p>\u00a0<\/p>\n<p>Remora Markets\u2019 token holders, however, may be able to redeem their rTokens for USDC, as these assets remain fully backed.<\/p>\n<p>Step Finance has also announced plans for a buyback program for eligible STEP holders based on a pre-hack snapshot.<\/p>\n<p>The shutdown highlights the fragility of some projects in the Solana DeFi ecosystem.<\/p>\n<p>It also underscores the broader risk of centralised treasury management, even within decentralised finance platforms.<\/p>\n<h2>Solana price reaction<\/h2>\n<p>The price of Solana (SOL) has shown noticeable weakness in the wake of these developments.<\/p>\n<p>Over the past 24 hours, SOL has dropped below $77, a level that had previously served as key support.<\/p>\n<p>Despite this, Solana\u2019s trading volumes remain robust, reflecting heightened activity as investors reassess positions.<\/p>\n<p>Derivatives data indicate growing bearish sentiment with rising long liquidations and a long-to-short ratio falling below 1, suggesting that shorts currently dominate the market.<\/p>\n<p>Funding rates in futures markets have also turned negative, reinforcing the downward pressure on SOL.<\/p>\n<p>In addition, institutional players appear to be taking a measured approach, as US spot SOL ETFs see modest inflows.<\/p>\n<p>This accumulation hints that some investors see the recent dip as a potential buying opportunity, even amid broader uncertainty.<\/p>\n<h2>SOL price forecast<\/h2>\n<p>While some institutional support exists, SOL faces immediate technical hurdles and key levels that could determine its next direction.<\/p>\n<p>SOL\u2019s technical indicators signal a cautious outlook.<\/p>\n<p>Notably, the cryptocurrency is trading below both its 50-day and 200-day EMAs, signalling a bearish trend, and the Relative Strength Index (RSI) is near oversold levels, suggesting momentum is heavily skewed toward sellers.<\/p>\n<figure id=\"attachment_362013\" aria-describedby=\"caption-attachment-362013\" class=\"wp-caption alignnone\"><img decoding=\"async\" data-source=\"CoinJournal\" class=\"wp-image-362013 size-full\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2026\/02\/Solana-price-chart-1.png\" alt=\"Solana price analysis\" width=\"1367\" height=\"900\"\/><figcaption id=\"caption-attachment-362013\" class=\"wp-caption-text\">SOL price chart | Source: TradingView<\/figcaption><\/figure>\n<p>As a result, traders should watch the $75 mark closely as it represents a critical support level.<\/p>\n<p>If this level fails to hold, SOL could see further downside toward the $63-51 range, according to Coinlore\u2019s analysis.<\/p>\n<p>On the upside, a rebound would need to overcome resistance near $91, with a more significant recovery targeting $102.<\/p>\n<p>Short-term volatility is, however, likely to remain high given the recent ecosystem shocks, and investors should pay attention to both price action and on-chain metrics to gauge the resilience of SOL amid these challenges.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Analysis,Markets#SOL #price #outlook #Solana #platform #announce #shut #Step #Finance #hack1771934499<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Step Finance, SolanaFloor, and Remora Markets halt operations after hack. STEP token collapses, while Remora tokens remain redeemable. SOL breaks key $77 support as bearish trend dominates amid high volatility. Step Finance, a leading DeFi aggregator and portfolio dashboard on Solana, has announced an immediate shutdown following a major security breach. The Step Finance hack<\/p>\n","protected":false},"author":1,"featured_media":6926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":{"0":"post-6925","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eurozone"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SOL price outlook as three Solana platform announce shut down after Step Finance hack - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"Solana faces turmoil as Step Finance and two platforms shut down, STEP token crashes, and SOL tests key support levels amid bearish pressure.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=6925\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SOL price outlook as three Solana platform announce shut down after Step Finance hack\" \/>\n<meta property=\"og:description\" content=\"Solana faces turmoil as Step Finance and two platforms shut down, STEP token crashes, and SOL tests key support levels amid bearish pressure.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.uk.com\/?p=6925\" \/>\n<meta property=\"og:site_name\" content=\"Crypto News: Latest Cryptocurrency News and Analysis\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-24T12:01:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/02\/solana-token-on-ground-1024x683.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"\u884c\u653f\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u884c\u653f\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=6925\",\"url\":\"https:\/\/cryptonews.uk.com\/?p=6925\",\"name\":\"SOL price outlook as three Solana platform announce shut down after Step Finance hack - Crypto News: Latest Cryptocurrency News and Analysis\",\"isPartOf\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=6925#primaryimage\"},\"image\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=6925#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/02\/solana-token-on-ground.png\",\"datePublished\":\"2026-02-24T12:01:39+00:00\",\"author\":{\"@id\":\"https:\/\/cryptonews.uk.com\/#\/schema\/person\/822778c5844e0d16d43dce6630f4f1bf\"},\"description\":\"Solana faces turmoil as Step Finance and two platforms shut down, STEP token crashes, and SOL tests key support levels amid bearish pressure.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptonews.uk.com\/?p=6925#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptonews.uk.com\/?p=6925\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=6925#primaryimage\",\"url\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/02\/solana-token-on-ground.png\",\"contentUrl\":\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/02\/solana-token-on-ground.png\",\"width\":1536,\"height\":1024},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=6925#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptonews.uk.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SOL price outlook as three Solana platform announce shut down after Step Finance hack\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptonews.uk.com\/#website\",\"url\":\"https:\/\/cryptonews.uk.com\/\",\"name\":\"Crypto News: Latest Cryptocurrency News and Analysis\",\"description\":\"Latest Crypto &amp; 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