Solana traded near $97 after a steep sell-off pushed the token below $100, extending losses during a difficult period for the broader cryptocurrency market. This decline followed weeks of pressure that pulled SOL down from the $140-145 range, reversing much of its recovery seen in late 2025.
Market activity during the drop showed panic-driven selling amid market uncertainty, despite no actual changes to the network's fundamental systems or main operational components.
The market experienced rising selling pressure as traders reacted to unfavourable news, while liquidity decreased throughout the decline. The Solana cryptocurrency experienced larger losses during the period than several major cryptocurrencies.
A key factor behind the recent sell-off involved a security breach at Step Finance that affected treasury wallets holding Solana tokens. About $30 million in SOL moved rapidly across wallets, with approximately 261,854 SOL transferred in a short timeframe.
The speed and scale of the movement raised concerns about possible internal access rather than a fully automated external exploit. Step Finance stated that user funds were not affected, though the incident still unsettled participants across the Solana DeFi ecosystem.
Large treasury wallets have become increasingly targeted, and the event renewed attention to access controls and approval safeguards. During periods of market stress, security-related developments often accelerate selling as traders act quickly to reduce risk exposure. In this case, market reaction focused on the breach itself rather than on detailed explanations surrounding the incident.
While SOL faced selling pressure, Jupiter announced the launch of Polymarket on Solana through its platform. The move marked the first time Polymarket has operated directly on the Solana blockchain, expanding access to prediction markets within the network.
Jupiter said the integration allows users to trade prediction markets on a single blockchain while benefiting from faster and smoother execution. In a post on X, the platform described the launch as a step toward building a leading predictions experience on Solana. Sources familiar with the rollout said the effort centres on improving services and introducing new user experiences.
Polymarket also confirmed the expansion in a post on its official X account as part of its broader growth plans. Several analysts noted that the launch carries weight due to Solana’s role as a widely recognized high-speed blockchain.
For users, the integration provides access to global crypto prediction markets via Solana’s low-cost, efficient network. Even so, sources cautioned that increased usage could still lead to congestion during peak demand periods.
Additional risks associated with the rollout include regulatory scrutiny, exposure to smart contracts, reliance on the platform, and competition from rival services. It connects users to multiple market experiences through a single platform built on the Solana blockchain.
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Solana price slipped below $100 after a sharp sell-off tied to broader market weakness and a security breach at Step Finance. At the same time, Jupiter launched Polymarket on Solana, expanding prediction markets on the network. Together, these events shaped recent market sentiment and trading activity.