The Solana ecosystem faces today, February 1, 2026, one of its toughest tests. While the general cryptocurrency market goes through what analysts are already calling a “Black Sunday”—with Bitcoin losing the $80,000 support—the Solana network has received an additional and specific blow: a massive security exploit on Step Finance, one of its most emblematic portfolio management platforms.
According to data confirmed in recent hours, attackers managed to compromise the protocol’s treasury wallets, draining approximately 261,854 SOL, valued at approximately $27 to $30 million at the time of the attack. The news has exacerbated panic in an already fragile market, sending Solana (SOL) price into a 10.90% freefall, trading around $105.23, while the protocol’s native token, STEP, has collapsed more than 80%.
“The coincidence of a critical security failure with a severe macroeconomic correction creates a perfect storm of ‘extreme fear,’ evidenced by the sentiment index touching lows of 14 points.”
Market Context: A Black Sunday
The Step Finance hack could not have occurred at a worse time. The crypto market awakened this Sunday, February 1, immersed in a brutal correction, driven by liquidity fears following Kevin Warsh’s nomination as the next Federal Reserve Chair and growing geopolitical tensions.
Bitcoin (BTC), the market leader, momentarily broke the psychological and technical support of $80,000, reaching lows of $75,709 according to data from major exchanges, before attempting a slight recovery toward the $78,000 zone. Ethereum (ETH) fared no better, losing more than 10% of its value and struggling to maintain the $2,400 level.
This risk-averse environment has triggered massive liquidations in the futures market, reaching the staggering figure of $2.2 billion in the last 24 hours. In this scenario, the vulnerability exposed in Step Finance acts as an additional negative catalyst, punishing SOL with greater severity than its peers.
Analysis of the Step Finance Incident
Step Finance is known as the “front page of Solana,” a vital aggregator that allows users to visualize and manage their DeFi positions. The attack, confirmed by security firms like CertiK and the project’s official account, involved forced unstaking of SOL tokens from the treasury and their transfer to unknown addresses.
The impact on the ecosystem is twofold:
1. Loss of Trust: As a central tool for many Solana DeFi users, the security breach questions the robustness of application layer infrastructure, just as Solana was gaining institutional traction with its ETFs.
2. Selling Pressure: The possibility that attackers will liquidate the stolen 261,000 SOL adds imminent selling pressure on an order book already weakened by the macro correction.
Price Impact (Updated Data 02/01/2026)
| Asset | Current Price | 24h Change | Context |
|---|---|---|---|
| Solana (SOL) | $105.23 | -10.90% | Hack + Market Crash |
| Step Finance (STEP) | Collapse | -80.00% | Treasury Loss |
| Bitcoin (BTC) | ~$78,414 | -6.27% | Macro Correction |
| Ethereum (ETH) | ~$2,414 | -10.14% | Market Drag |
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Comenzar ahoraImplications for Traders and Investors
For retail operators, the current situation demands extreme caution. Volatility is at maximum and traditional support levels are being tested with violence. The Fear & Greed Index has fallen to 14 (Extreme Fear), a level that has historically preceded rebounds, but can also signal the start of a deeper winter if key levels are not quickly recovered.
Key points to consider:
* Avoid “Catching Falling Knives”: With SOL losing the $110 support and approaching $100, trying to buy the bottom without reversal confirmation is highly risky.
* Monitor Hacker Wallets: It is vital to follow on-chain movements of stolen funds. Any movement toward centralized exchanges or mixers could precipitate new SOL drops.
* DeFi Risk Management: This event is a brutal reminder to diversify not only across assets but across protocols. Keeping funds in “smart contracts” always carries code risk.
* Bitcoin Levels: If BTC fails to recover and consolidate above $80,000 on the daily close, bearish pressure on altcoins like Solana will continue intensifying.
Short-Term Outlook
In the coming days, attention will be split between the Step Finance hack autopsy and the global market’s reaction to macroeconomic data. The Step Finance team is collaborating with cybersecurity experts to attempt to recover the funds, although probabilities in this type of exploit are usually low unless a bounty is negotiated with the attacker.
For Solana, defending the psychological level of $100 will be critical. A break below this barrier could trigger a new cascade of liquidations, taking price to zones not seen in months. On the other hand, the Solana community’s ability to withstand adversity has been tested in the past (like after the FTX collapse); if the general market finds a floor, SOL could present an aggressive recovery opportunity due to its high beta, but for now, caution is the only sensible strategy.