Solana fell 9% to an intraday low of $78.6 on April 2, cutting its market value to $45.5 billion. Over seven days, SOL lost more than 10%, the steepest drop among the top 10 cryptocurrencies. The fall followed a $285 million exploit on Drift Protocol, weak ETF demand, and broader risk aversion tied to rising Middle East tensions.
The sell-off gained speed after the Drift Protocol exploit rattled confidence in decentralized finance on Solana. The reported $285 million loss ranks among the biggest hacks in the network’s past five years. That security shock hit at a fragile moment for the token. Traders had already turned cautious as the broader crypto market weakened.
At the same time, news of an escalation in the U.S.-Iran conflict pushed oil prices back above $100. In turn, investors moved to the sidelines and cut exposure to risk assets.
Institutional demand also remained soft. Data from SoSoValue showed that spot Solana ETFs posted no inflows over the past nine days, except for a $4.64 million inflow last Thursday.
That trend added another headwind for SOL. Without steady fund flows, the token lost a support point that often helps sentiment during volatile periods.
The market reaction then grew sharper as several pressures converged at once. Security concerns, geopolitical risk, and weak ETF demand all weighed on price action.
Can expanding real-world use cases eventually offset that slide in confidence? The text offered one possible counterpoint through a separate push into digital asset banking.
SoFi Technologies announced Big Business Banking on Thursday and cast it as a direct challenge to legacy banking hours. The product targets institutions and enterprise clients that need constant access to payments and digital asset services.
Chief Executive Officer Anthony Noto said businesses now operate in a global, always-on environment. He said the new platform combines the regulatory base of a national bank with real-time movement across money and digital assets.
SoFi built the service on SoFi Bank, N.A., which holds a national bank charter and direct access to the Federal Reserve. As a result, clients receive FDIC-insured deposit accounts with institutional-grade capacity.
The launch followed two moves from late 2025. In November, SoFi became the first FDIC-insured national bank to offer retail crypto trading inside its app.
Then, in December, SoFi Bank issued SoFiUSD, a fully reserved dollar stablecoin on a public, permissionless blockchain. Now Big Business Banking brings those parts together for enterprise users. Companies can hold U.S. dollar deposits, move funds in fiat or SoFiUSD, and settle in select cryptocurrencies. Transfers run through an API-based system that operates 24/7/365.
A mint-and-burn model supports the digital asset layer. Enterprises can switch between fiat and SoFiUSD instantly while reserves stay inside SoFi’s regulated bank environment. The platform is expected to use Solana among its blockchain settlement networks, alongside others. Meanwhile, one interface brings together banking activity and digital asset activity.
Ten firms joined the initial institutional rollout. They include Cumberland, Bullish, BitGo, B2C2, Fireblocks, Wintermute, Galaxy, Jupiter, Mesh Payments, and Mastercard. SoFi said Galileo powers the backend infrastructure for those API-driven services. Galileo already supports more than 128 million accounts worldwide across fintechs, banks, and brands.
Also Read: Solana (SOL) Forecast: 30% Upside Possible if $90 Holds
Solana price came under pressure after the Drift Protocol hack, weak ETF inflows, and broader market caution tied to Middle East tensions. At the same time, SoFi expanded into always-on digital asset banking, showing that institutional crypto infrastructure keeps advancing even as market sentiment stays fragile.