Coinbase Hacker Spends $23M on 100K+ SOL in Second Purchase
On-chain data show the Coinbase hacker has executed five major transactions since the May breach, converting stolen BTC, ETH, DAI, and USDC into SOL. Early trades included selling 26,347 ETH for 68M DAI and buying 38,126 SOL at $208.70 on average. In a second major purchase, the attacker swapped 22.95M DAI to USDC, bridged to Solana, and acquired 100,913 SOL at $227 each. These buys lifted SOL’s price 3% to $231. Despite a 17% rise over 30 days, SOL remains 21% below its all-time high. Technical indicators show a rising channel with resistance at $215 and a breakout target of $227, while some traders eye rallies toward $360. The series of large-scale SOL purchases highlights persistent security risks and could spur short-term volatility amid bullish DeFi sentiment.
Bullish
Repeated large-scale SOL purchases by the hacker drive fresh demand and reinforce bullish momentum. Acquiring over 100,000 SOL at a $227 average spurred a 3% price rise and adds to a 17% rally in the past month. Technical indicators show SOL trading within a rising channel, with resistance at $215 and a breakout target of $227, suggesting room for further upside toward $242 or beyond. While short-term volatility may arise from potential liquidation risks and regulatory focus, the steady accumulation of SOL underscores growing confidence. Therefore, these moves are likely to support SOL’s price in both the near and medium term.