Solana (SOL) has been on a downward spiral this week, with its price plummeting to $61 on June 6, 2026, marking a significant 31-month low. This decline represents a drop of over 4% within a 24-hour period, and traders are closely monitoring the $60 support level as crucial for the altcoin’s stability.
The alarming statistics reveal that SOL has shed approximately 24% over the past week, 30% over the last month, and a staggering 50% since the start of the year, with the token currently trading around $62.
The selling pressure on Solana has emerged from multiple sources, including notable whale activity and the recent trend of U.S. spot Solana ETFs experiencing net outflows after weeks of inflows. This confluence of factors has raised concerns among traders regarding the future trajectory of SOL.
One particularly noteworthy transaction was executed by Forward Industries, which transferred 455,784 SOL — valued at approximately $31.9 million — to Coinbase Prime after a month of inactivity. Forward Industries initially adopted a Solana treasury strategy back in September 2025, investing around $1.59 billion to acquire 6.83 million SOL at an average price of $232. As of now, those holdings have diminished in value to about $458.6 million, reflecting a staggering paper loss exceeding $1.3 billion.
While the transfer to Coinbase Prime does not definitively indicate a sale, such moves are typically scrutinized by the market. Deposits to institutional trading platforms often suggest that major holders might be preparing to liquidate their positions, which further fuels the selling pressure.
ETF Outflows Intensify Market Pressure
The recent trend of net outflows from U.S. spot Solana ETFs has added to the downward momentum. Institutional demand, which had previously provided support for SOL’s price, has now shifted into negative territory. This change has left traders apprehensive about the potential for further declines.
Historically, when SOL ETFs began to sell in March, the price dropped sharply from $91 to $81. Many are wary that a similar scenario could unfold once again, especially from this considerably lower price point.
Crypto analyst Jack Adams has weighed in on the current situation, predicting a possible retest of the $67–$58 range before any potential upward reversal towards the $120–$175 range later this year. This zone could attract long-term buyers, despite the prevailing weak short-term conditions.
The broader cryptocurrency market has also experienced significant turmoil, as data from CoinGlass indicates that over $1.5 billion in crypto positions were liquidated in just one day, with long traders bearing the brunt of these losses. Solana has been notably affected by this trend.
Key Support Levels Under Scrutiny
Technical indicators paint a grim picture for Solana, with its Relative Strength Index (RSI) plummeting to 15, placing it deep within oversold territory. This suggests that sellers are fully in control, while buyers have largely retreated from the market.
As the weekly chart reveals, SOL is now testing vital support near $51.50, a level that previously served as a breakout zone in late 2023. Should this level fail to hold, the psychological threshold of $50 becomes the next critical target for traders.
Further analysis from CoinGlass shows that the largest cluster of leveraged positions currently sits between $70 and $75, which has now become a significant resistance area above the market. With macroeconomic headwinds, including a robust U.S. jobs report and rising Treasury yields, risk assets are under pressure across the board, complicating the outlook for Solana.
As it stands, SOL is trading near $62, and all eyes are on the critical support levels as traders navigate this uncertain terrain.
