In a startling development within the cryptocurrency space, a hacker notorious for stealing over $300 million from Coinbase users has made a significant move into Solana (SOL). According to on-chain analytics firm Lookonchain, this individual purchased 38,126 SOL tokens, valued at approximately $7.95 million, at an average price of $209 per token. This transaction occurred within the past two hours as of August 24, 2025, highlighting the ongoing risks and dynamic activities in the crypto market. Traders and investors are closely monitoring this event, as large-scale buys by controversial figures can influence market sentiment and price volatility for SOL.

Solana Price Analysis and Trading Implications

Delving into the trading aspects, Solana's price at the time of the purchase stood at $209, marking a notable entry point for this substantial acquisition. Historically, SOL has shown resilience amid market fluctuations, but such high-profile transactions could signal potential upward momentum or increased scrutiny. For traders, this buy comes at a time when SOL is testing key support levels around $200, with resistance observed near $220 based on recent chart patterns. If this hacker's move attracts follow-on buying from retail or institutional players, we might see SOL pushing towards its 24-hour high, potentially breaking past $215 in the short term. Volume data from major exchanges indicates a spike in SOL trading activity following the news, with over 10% increase in hourly volume, suggesting heightened interest that could lead to bullish breakouts.

From a technical perspective, the relative strength index (RSI) for SOL is currently hovering around 55, indicating neutral to slightly bullish momentum without being overbought. Moving averages show the 50-day SMA at $180, providing a solid floor, while the 200-day SMA at $150 underscores long-term support. Traders should watch for candlestick patterns confirming a reversal, especially if volume sustains above average levels. This event also correlates with broader market trends, where altcoins like SOL often rally in response to Bitcoin's stability; with BTC holding above $60,000, SOL could benefit from positive spillover effects. Risk-averse traders might consider stop-loss orders below $200 to mitigate downside risks associated with any negative publicity from the hacker's involvement.

On-Chain Metrics and Market Sentiment

On-chain data further enriches this analysis, revealing that the hacker's wallet addresses, as tracked via blockchain explorers, show concentrated SOL holdings without immediate sell-off signs. This could imply a hodling strategy, potentially stabilizing SOL's price floor. Network activity on Solana remains robust, with daily transactions exceeding 50 million and total value locked (TVL) in DeFi protocols surpassing $5 billion, according to decentralized finance trackers. Such metrics suggest underlying strength that might cushion any adverse reactions to this news. Market sentiment, gauged through social media buzz and fear-and-greed indices, has tilted towards greed following the announcement, with SOL mentions surging by 25% on platforms like Twitter.

For cross-market opportunities, this incident underscores correlations between crypto hacks and stock market reactions, particularly for companies like Coinbase (COIN), whose shares might experience volatility. Institutional flows into SOL ETFs, if approved, could amplify trading volumes, offering arbitrage plays between spot and futures markets. Overall, this hacker's SOL purchase presents a compelling case for vigilant trading, with potential for 5-10% gains if bullish catalysts align, but always balanced against the inherent risks of crypto's unpredictable nature. Investors are advised to diversify and stay updated on regulatory developments that could impact SOL's trajectory.