Solana (SOL) Plunges to $61: Whale Movements and ETF Reversals Trigger 31-Month Low

Key Takeaways

• Solana plummeted to $61, marking a 31-month low with over 4% decline in 24 hours
• Forward Industries moved $31.9M in SOL tokens to Coinbase Prime
• Spot Solana ETFs in the U.S. reversed course with net capital outflows
• Crypto market witnessed over $1.5 billion in liquidated positions within 24 hours
• Critical support zone identified at $60, with downside targets at $51.50 and $50

Solana has experienced a brutal descent throughout this week. On June 6, 2026, the cryptocurrency plunged to $61, reaching its weakest price point since November 2023. This 31-month bottom has market participants closely monitoring whether the $60 threshold can withstand ongoing selling pressure.

The token has suffered approximately 24% losses over the past seven days, declined 30% throughout the last month, and collapsed roughly 50% year-to-date. Current trading activity places SOL around the $62 mark.

Multiple bearish catalysts have converged simultaneously to create intense downward momentum. Large holder activity, institutional product outflows, and widespread cryptocurrency market weakness have combined to amplify selling pressure.

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 period of dormancy.

Forward Industries implemented a Solana treasury accumulation strategy in September 2025. Throughout this initiative, the company deployed roughly $1.59 billion to acquire 6.83 million SOL at an average entry price of $232. Current valuations place these holdings near $458.6 million, representing an unrealized loss exceeding $1.3 billion.

While the Coinbase Prime deposit doesn’t definitively indicate liquidation intent, market observers scrutinize such transactions carefully. Transfers to institutional trading platforms frequently precede position reductions by significant holders.

ETF Outflows Add to Pressure

U.S. spot Solana exchange-traded funds have shifted into net outflow territory following multiple weeks of consistent capital inflows. Institutional appetite, previously providing price stabilization, has reversed direction.

During March, when SOL ETF redemptions began accelerating, prices declined from $91 to $81. Market participants express concern that similar patterns could materialize again, this time from significantly lower baseline levels.

Cryptocurrency analyst Jack Adams offered perspective on current conditions, noting: “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 band as a potential accumulation zone for long-term investors, despite near-term weakness.

The derivatives landscape has similarly suffered severe damage. According to CoinGlass metrics, more than $1.5 billion in cryptocurrency positions faced liquidation within a 24-hour period, with long position holders bearing the majority of losses. Solana represented a substantial portion of these forced closures.

Key Support Levels to Watch

The Relative Strength Index on Solana’s technical chart has declined to 15, firmly entrenched in oversold conditions. This extreme reading confirms seller dominance while indicating buyer exhaustion.

Weekly chart analysis reveals SOL testing support near $51.50—a price level that previously functioned as a significant breakout point in late 2023. Should this floor fail, the psychologically important $50 level emerges as the next critical downside target.

CoinGlass liquidation heatmap data identifies the largest concentration of leveraged positions clustered between $70 and $75, now functioning as overhead resistance.

Most recent market data shows SOL exchanging hands near $62, with broader macroeconomic pressures—including stronger-than-expected U.S. employment data and climbing Treasury yields—maintaining downward pressure on risk-oriented assets throughout financial markets.

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