Solana Crash: SOL Falls Below $100. Is $80 Next?

Update 10:45 UTC: trail leads to North Korea, withdrawals within 48 hours. Investigators at TRM Labs attribute the Binance hack with high confidence to North Korea's TraderTraitor group, and Chainalysis points to the same group; Binance has not named an attacker. According to TRM Labs, about $6.36 billion left across ten blockchains, about $2.7 billion is frozen, and the attacker holds more than 420,000 ETH and 18,270 BTC across all wallets. Binance expects to reopen withdrawals within 48 hours; deposits work. Everything in one place: North Korea behind the Binance hack? What we know.

Update 02:30 UTC: Binance puts the damage at $6.3 billion. In an official announcement Binance estimates the total impact at around $6.3 billion, of which about $3 billion is frozen on-chain. According to the initial investigation, a DevOps engineer's laptop was compromised, which let the attacker access a service container and submit unauthorized withdrawal transactions. Binance says it has found no evidence of a private key leak. The exchange will cover all losses from the SAFU fund and company funds; deposits and withdrawals remain suspended, and an updated proof of reserves will follow.

Update 01:25 UTC: Binance confirms the hack. Co-founder Yi He wrote at 00:04 UTC that user funds are safe and Binance will cover all hacking losses. Deposits and withdrawals are temporarily suspended while the exchange runs security checks, freezes funds and works with law enforcement. According to on-chain investigator ZachXBT, more than $2.83 billion is now frozen. Before the freezes, the attacker had supplied 60 million USDT to Aave and borrowed 19,762 wETH, about $45 million, against it, as Marc Zeller of the Aave Chan Initiative explains.

User funds are safe. Binance will cover all hacking losses. Deposits and withdrawals are temporarily suspended while our team conducts security checks, freezes funds, and works with law enforcement. We will share a full post-mortem once the investigation is complete. Please rely only on official Binance channels for updates.

Yi He (@heyibinance) October 30, 2026

Solana has fallen below $100 and keeps sliding after the suspected Binance hack. On Thursday night SOL dropped from $98.94 at 20:15 UTC to $95.64 at 21:05 UTC, down 3.3% within an hour and more than Bitcoin. Over 24 hours Solana is down 5.3% according to CoinMarketCap. Yet Solana has nothing to do with the incident technically: the attacker took Ether, USDT and USDC. Why SOL falls anyway, why it was already weak before and which levels matter now.

What happened at Binance is in our crypto crash timeline, the wallet details in our Binance hack report.

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Why is Solana falling when no SOL was stolen?

• Trading pairs. Almost every coin trades against Bitcoin, Ether, USDT or USDC. When those pairs move, everything follows. Solana also has thinner order books than Bitcoin and falls harder in shocks.
• Binance as a venue. Binance is one of the largest markets for SOL. Traders who fear withdrawal problems sell first and ask later.
• Leverage. About $628 million in positions were force-closed within one hour according to CoinGlass data, about $607 million of them bets on rising prices. In altcoins like Solana this amplifies every move.

Solana was already weak before the Binance hack

The evening hit a coin that was already struggling. SOL had slipped below $100 on Thursday afternoon. Spot Solana ETFs lost a combined $24.8 million on October 27 and 28, as crypto.news reported. Since launch the funds still show about $1.5 billion in net inflows, but the latest outflows show institutional buyers are not adding right now.

Over a longer horizon the gap is even clearer. A year ago, on October 30, 2025, Solana traded at $194 according to CoinGecko. Today it is about half of that. Where analysts see SOL by year-end is collected in our Solana price prediction.

More on the Binance hack

• Binance hack: how the hot wallet was drained
• On-chain analysis: what the blockchain shows about the hack
• Live ticker and timeline: the crypto crash after the hack
• USDT frozen: what Tether and Circle really blocked
• Binance withdrawals: which networks are paused
• Is this the end? Three scenarios for Bitcoin
• Ethereum: the hacker sits on 195,000 ETH
• BNB crash: another FTT moment?
• The biggest crypto hacks in history
• How to short Bitcoin in the crash
• Why is crypto down today?

Is $80 next? The levels that matter

Analysts name the $96 to $100 area as key support, exactly the zone SOL trades in tonight. Some warn of a slide to $80, as Coinpaper reported. That would be about 16% below the evening low, the 90-day low of $71.89 about 25%.

Whether it gets there depends less on Solana than on Binance. If the exchange confirms and covers the loss, the market is likely to calm down. The odds are not bad: Tether and Circle have already frozen stablecoins worth about $2.4 billion of roughly $2.8 billion. The three possible paths are laid out in our scenarios after the Binance hack.

What SOL holders can do now

• Move coins off the exchange. If you hold SOL on Binance, you can withdraw it to your own wallet. Our hardware wallet comparison shows devices that support Solana.
• No leverage overnight. Asian trading starts around midnight UTC, and any Binance statement can turn the price within minutes.
• Set levels in advance. If you want to buy the dip, define zones like $80 or $72 instead of chasing the price. If you want to hedge, our guide how to short Bitcoin explains the options.

This article is not investment advice. Crypto assets are highly volatile and you can lose your entire investment.