The hacker who stole more than $300 million from Coinbase users bought 38,126 Solana worth $7.95 million at $209 each.
This acquisition is a sign that SOL is an attractive bet now, with analyst Ali Martinez projecting that Solana could climb to $360.
To complement this outlook, Mert from Helius.dev called the coin one of the strongest in the market.
Hacker Moves Millions Into Solana After Coinbase Theft
In a major development, the hacker who took more than $300 million from Coinbase users has turned attention to Solana.
As reported, on August 23, blockchain trackers showed that the hacker bought 38,126 Solana (SOL). The purchase was worth $7.95 million.
Records showed the purchase took place at an average price of $209 for each token and was completed within two hours.
It is important to add that this move came as Solana gained strong interest from traders and analysts.
Ali Martinez, a crypto analyst known for his charts and updates on social media, had already said that Solana might have more room to grow.
Martinez explained that he had told followers to buy Solana earlier and now advised holding until the coin reached $360.
He shared charts that showed Solana moving higher within a rising pattern. His view was that the market could break out if momentum continued.
Martinez wrote that Solana holders should wait for that possible move toward the $360 level.
Notably, the fact that the hacker entered the market around the same price levels gave the coin more attention.
The reasons behind the purchase were not clear, but the timing matched the same targets that top analysts were watching.
This placed the hacker in line with some of the most followed analysts in the market.
The Solana Bullish Advocacy
Mert, the founder of Helius.dev, gave his thoughts on why Solana remained strong in the crypto space.
He said Solana had shown over the last four years that it could attract developers, traders, and users.
He pointed to the way the network focused on technical work and user needs as reasons for its progress.
Mert said Solana had been able to deliver results even when the wider market was under pressure.
He explained that the design of the blockchain made it both censorship-resistant and able to process activity quickly.
This, in his view, gave Solana an edge by keeping liquidity high and user experience smooth.
He also said Solana had placed near the top across several key measures. These included revenue, trading volumes, developer activity, and startup growth.
Mert described these numbers as signs that Solana had become a main platform for builders in crypto.
Solana as a Contrarian Bet With Market Parallels
Furthermore, Mert also called Solana a contrarian play.
He said that while critics pointed to the number of speculative tokens launched on the network, this did not change the larger picture.
He compared Solana’s position to other industries where only a few leaders held the top spots.
In mobile, iOS and Android led the market. In the cloud services market, Amazon Web Services, Google Cloud, and Microsoft Azure were the leaders.
Similarly, in gaming, PlayStation, Xbox, and Nintendo shared the market.
Mert argued that blockchains were likely to follow the same path, with a small group of platforms holding most of the market share.
He stressed that believing in Solana did not mean rejecting other assets. Rather, his point was that Solana had shown results year after year and was likely to keep building on that record.
He ended by saying that Solana would continue to work hard and keep its place among the top blockchains.
