TLDR
- SOL dropped to a 31-month low of $61, down over 4% in 24 hours
- Forward Industries transferred $31.9M worth of SOL to Coinbase Prime
- U.S. spot Solana ETFs flipped to net outflows after weeks of inflows
- Over $1.5 billion in crypto positions were liquidated across the market in one day
- Key support sits at $60, with $51.50 and $50 as the next levels below
Solana has been falling hard this week. The altcoin dropped to $61 on June 6, 2026, its lowest price since November 2023. That’s a 31-month low, and traders are watching closely to see if $60 holds.
SOL is down roughly 24% over the past week, 30% over the past month, and about 50% since the start of the year. At press time, the token was trading around $62.
Selling pressure has come from multiple directions at once. Whale activity, ETF outflows, and a broad crypto market selloff have all hit at the same time.
One move that caught attention was from Forward Industries. The company transferred 455,784 SOL — worth about $31.9 million — to Coinbase Prime after a month of no activity.
Forward Industries adopted a Solana treasury strategy in September 2025. Since then, it spent around $1.59 billion buying 6.83 million SOL at an average price of $232. Those holdings are now worth roughly $458.6 million, a loss of over $1.3 billion on paper.
The transfer to Coinbase Prime doesn’t confirm a sale, but traders watch these moves closely. Deposits to institutional trading venues often signal that large holders may be preparing to reduce positions.
ETF Outflows Add to Pressure
U.S. spot Solana ETFs have now recorded net outflows after several weeks of steady inflows. Institutional demand, which had been a support for the price, has turned negative.
In March, when SOL ETFs began selling, the price dropped from $91 to $81. That pattern has traders worried the same could happen now from a much lower starting point.
Crypto analyst Jack Adams weighed in on the situation, stating: “I am almost certain $SOL is heading back to retest $67–$58 once more before reversing into $120–$175 this year.” Adams sees the $58–$67 range as a zone that could bring in longer-term buyers, even as short-term conditions remain weak.
The broader derivatives market has also taken a hit. CoinGlass data shows more than $1.5 billion in crypto positions were liquidated in a single day, with long traders absorbing most of the damage. Solana took a large share of those losses.
Key Support Levels to Watch
The RSI on Solana’s chart fell to 15, deep into oversold territory. That reading shows sellers are firmly in control and buyers have largely stepped away.
On the weekly chart, SOL is testing support near $51.50 — a level that acted as a major breakout zone in late 2023. Below that, the $50 level becomes the key psychological target.
A liquidation heatmap from CoinGlass shows the largest cluster of leveraged positions sitting between $70 and $75, now acting as resistance above the market.
The most recent price data has SOL trading near $62, with macro headwinds — including a strong U.S. jobs report and rising Treasury yields — keeping risk assets under pressure across the board.
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