Solana's Price Hits $90: Tether Steps In
Solana's price hits $90 as Tether steps in to support Drift Protocol, a Solana-based exchange, with a $150 million recovery package. This move has boosted Solana's native token SOL, surging around 5% and outpacing Bitcoin.
Solana's Price Surge
The primary driver of Solana's price surge is Tether's decision to lead a $150 million recovery package for Drift, a key Solana-based decentralized exchange. This move has helped SOL post gains twice the size of BTC's roughly 1.5% move, reinforcing the narrative that Solana's fundamentals are holding despite recent volatility.
Drift Protocol Hack and Recovery
Exploit Details
On April 1, attackers linked to North Korean-affiliated groups drained roughly $280-285 million from Drift Protocol, marking one of the largest DeFi exploits of 2026 and the second-biggest hack in Solana's history.
Tether announced it would back a $147.5-150 million recovery plan, with up to $127.5 million coming directly from the stablecoin issuer and the balance from ecosystem partners. The package includes a long-term revenue-sharing model where platform fees from Drift will gradually reimburse the recovery pool.
Underlying Strength: Economic Activity and ETF Demand
Network-level data shows that Solana's total economic activity exceeded $1.1 trillion in Q1 2026, indicating increased usage in the DeFi, NFTs, and consumer-facing apps. US Solana spot ETFs recorded $15.5 million in net inflows on April 16, 2026, as per SoSoValue.
Key Takeaways
- Solana's price hits $90 as Tether steps in to support Drift Protocol with a $150 million recovery package.
- SOL surges around 5% and outpaces Bitcoin, reinforcing the narrative that Solana's fundamentals are holding.
- Solana's total economic activity exceeded $1.1 trillion in Q1 2026, indicating increased usage in DeFi, NFTs, and consumer-facing apps.
- Institutional demand for Solana is strong, with US Solana spot ETFs recording $15.5 million in net inflows on April 16, 2026.
Frequently Asked Questions
What is the current price of Solana?
The current price of Solana is around $88.03, with an uptick of 3.56% in the last 24 hours.
What is the significance of Tether's recovery package for Drift Protocol?
Tether's recovery package for Drift Protocol is a decisive step to contain systemic risk and protect user funds, boosting confidence in Solana's ecosystem and driving up the price of SOL.
