Key Highlights
- Solana plummeted to $61, marking a 31-month bottom with over 4% losses in a single day
- Major institutional holder Forward Industries moved $31.9M in SOL tokens to Coinbase Prime
- U.S. Solana spot ETFs reversed course, recording net withdrawals after sustained inflow period
- Market-wide liquidations exceeded $1.5 billion in a 24-hour span
- Critical support zone remains at $60, with potential targets at $51.50 and $50 below
Solana’s price has experienced a severe downturn this week. The cryptocurrency touched $61 on June 6, 2026, representing its weakest level since November 2023. This 31-month bottom has market participants closely monitoring whether the $60 threshold can maintain its position.
The digital asset has declined approximately 24% in the past seven days, shed 30% over the last month, and tumbled roughly 50% year-to-date. Current trading activity shows SOL hovering around the $62 mark.
The downward momentum stems from multiple simultaneous pressure points. Large holder movements, exchange-traded fund redemptions, and widespread cryptocurrency market weakness have converged.
A particularly noteworthy transaction involved Forward Industries. The firm moved 455,784 SOL tokens — valued at approximately $31.9 million — to Coinbase Prime following a month-long dormant period.
Forward Industries implemented a Solana accumulation strategy in September 2025. The company has invested roughly $1.59 billion to acquire 6.83 million SOL at an average entry point of $232 per token. Current valuations place these holdings at approximately $458.6 million, representing an unrealized deficit exceeding $1.3 billion.
While the Coinbase Prime deposit doesn’t definitively indicate a liquidation event, market observers interpret such transfers carefully. Institutional exchange deposits frequently precede position reductions by major stakeholders.
Exchange-Traded Fund Withdrawals Compound Weakness
U.S. spot Solana ETFs have shifted to net redemptions following multiple weeks of consistent capital inflows. The institutional buying support that previously underpinned prices has reversed direction.
During March, when SOL ETF redemptions commenced, prices declined from $91 to $81. Market participants are concerned about a similar pattern repeating from current depressed levels.
Cryptocurrency analyst Jack Adams shared his perspective on the situation: “I am almost certain $SOL is heading back to retest $67–$58 once more before reversing into $120–$175 this year.” Adams identifies the $58–$67 range as a potential accumulation zone for patient investors, despite near-term bearish conditions.
The derivatives landscape has sustained significant damage. CoinGlass metrics reveal that crypto position liquidations surpassed $1.5 billion within 24 hours, with leveraged long positions bearing the brunt. Solana accounted for a substantial portion of these forced closures.
Critical Price Zones Under Examination
The Relative Strength Index on Solana’s technical chart plunged to 15, indicating extreme oversold conditions. This metric demonstrates dominant selling pressure with minimal buyer participation.
Weekly chart analysis shows SOL challenging support near $51.50 — a price level that previously served as a significant breakout point during late 2023. Should this fail, the psychologically important $50 mark becomes the next downside objective.
CoinGlass liquidation heatmap data reveals the densest concentration of leveraged positions clustered between $70 and $75, now functioning as overhead resistance.
Latest market data positions SOL trading near $62, with macroeconomic headwinds — including robust U.S. employment figures and climbing Treasury yields — maintaining downward pressure on risk-sensitive assets throughout the market.
