Solana plummeted to $61 on June 6, 2026, marking its lowest point since November 2023. SOL has fallen over 4 percent in the past 24 hours, tanked by nearly 24 percent on the week, lost 30 percent over the past month, and is now down roughly 50 percent since the start of the year. At last check, Solana was trading around the $62 mark.
What is fueling the selling pressure?
The mounting pressure on Solana does not stem from a single factor. Large-scale investor moves, outflows from institutional products, and sharp losses across the crypto market have all weighed on Solana. These developments have prompted investors to closely monitor the critical $60 support level.
One of the most striking developments involved Forward Industries, a publicly traded company. The firm transferred 455,784 SOL to Coinbase Prime after almost a month of inactivity—a transaction valued at approximately 31.9 million dollars.
Forward Industries had launched a Solana-focused treasury accumulation strategy back in September 2025, deploying about 1.59 billion dollars to purchase 6.83 million SOL at an average price of $232 each. With SOL’s recent drop, the current value of these holdings has crashed to about 458.6 million dollars, implying a paper loss exceeding 1.3 billion dollars.
While moving assets onto Coinbase Prime does not necessarily indicate an immediate sale, the market often regards such transfers with caution. Large volumes sent to institutional trading platforms can sometimes precede partial or full liquidation of positions.
ETF flows signal a shift in sentiment
Spot Solana ETFs traded in the US have switched to net outflows after several weeks of steady inflows. The weakening of institutional demand, which had previously been a key price support, is viewed as another factor increasing selling pressure.
Crypto analyst Jack Adams has noted that $SOL could retest the 67 to 58 dollar range later this year, with the possibility of a recovery toward 120 to 175 dollars afterward.
Back in March, as ETF outflows accelerated, the SOL price dropped sharply from $91 to $81. Now, market watchers worry that the same pattern could be playing out again, this time at even lower price levels.
Derivatives market faces fierce liquidations
There has also been notable turmoil in the derivatives market. CoinGlass data shows that over 1.5 billion dollars’ worth of positions were liquidated across the crypto market in the past 24 hours alone, with the majority stemming from long positions. Solana ranked among the largest participants affected by these forced closures.
Technical indicators remain under pressure as well. Solana’s Relative Strength Index (RSI) plunged to a reading of 15—a key measure for determining whether an asset is oversold or overbought.
Quick glossary: RSI is a momentum indicator that measures the speed and magnitude of price movements. Readings below 30 are generally considered oversold, while those above 70 are viewed as overbought.
Key support levels in focus
On the weekly chart, the $51.50 zone stands out as a critical support area for Solana. This region served as a breakout point at the end of 2023. If this floor fails to hold, investors are likely to look to the next psychological support at $50.
Meanwhile, the CoinGlass liquidation heatmap indicates the highest concentration of leveraged positions between $70 and $75. As a result, this range is seen as a potential resistance level for any short-term upward movement. Persistently strong US labor market data and rising bond yields are also continuing to exert pressure on risk assets like Solana.
