Key Highlights
- Solana has witnessed a drop of 3% in the last 24 hours, dropping below $86
- The daily trading volume also plunged to $3.83 billion, with approximately 33% crash
- Solana (SOL) formed a clear bearish engulfing candle after ZachXBT released a report, sparking discussion in the community
On February 26, Solana (SOL) dropped by 3% on a daily chart, dropping below $86, after on-chain investigator ZachXBT exposed a major insider trading scheme at Axiom, a Y Combinator-backed, Solana-based trading platform.
According to CoinMarketCap, Solana is trading at around $85.81 with a market capitalization of $48.82 billion. Its daily trading volume also plunged by 33%, dropping to $3.83 billion.
Axiom is a browser-based platform that attracts liquidity from major Solana platforms, including Raydium, Pump.fun, and Hyperliquid perps. The platform has rapidly gained popularity, where it attracted 72% market share in Solana memecoin trading. It crossed $390 million in cumulative revenue faster than any prior Y Combinator company.
Solana (SOL) Creates Bearish Engulfing Candle
On the 4-hour chart, Solana formed a clear bearish engulfing candle after ZachXBT released a report. The price broke and closed below the $87.80 to $88.20 zone. This was the exact support level that had defended the post-February 23 rebound from $77. The break changed this zone from support into resistance, which confirmed that distribution was on the way.
On the RSI on the 4-hour chart, it sits around 44.8. That is neutral but trending lower. More problematic is the hidden bearish divergence. SOL has created lower highs while the RSI failed to confirm, which shows weakening momentum even before the scandal news came out.
The MACD histogram is expanding negatively at -5.44, with the signal line crossing below the MACD line. This is a clear confirmation of the sell signal. According to the technical analysis, immediate support is now revolving around $84.50, which is today’s intraday low and the 4-hour value-area low.
In the latest post on X, ZachXBT revealed how senior business development employee Broox Bauer and others allegedly abused internal customer-support dashboards.
1/ Meet @WheresBroox (Broox Bauer), one of the multiple @AxiomExchange employees allegedly abusing the lack of access controls for internal tools to lookup sensitive user details to insider trade by tracking private wallet activity since early 2025. pic.twitter.com/KwICQMJL1q
— ZachXBT (@zachxbt) February 26, 2026
According to the report, employees used these dashboards to access information about any user’s wallet, UID, or referral data. They created real-time Google Sheets of high-value wallets to track where traders were making moves.
They also used that information to front-run memecoin launches and volume spikes on decentralized exchanges. Many times, they routed trades off Axiom to avoid detection.
Also Read: Dogecoin (DOGE) Jumps by 7.4%; Rally Before Breakout?
