Solana’s price fell to a multi-year low as a major corporate holder transferred $31.9 million in value. $ SOL to Coinbase Prime, reinforcing fears that whales are reducing their exposure during the market sell-off.
According to data from crypto.news, Solana ($ SOL) was trading near $62 on June 6 after briefly falling into the $60 zone. The token has lost about 24% over the past week, more than 30% over the past month, and about 50% year-to-date as traders have continued to reduce their exposure to risky assets amid a broader crypto market selloff.
Large holders added to concerns about the market outlook. According to blockchain analytics platform Lookonchain, Forward Industries transferred 455,784 $ SOL Worth around $31.9 million to Coinbase Prime after a month of inactivity.
Since adopting a Solana treasury strategy in September 2025, the company has spent approximately $1.59 billion to acquire $6.83 million. $ SOL at an average price of $232. Lookonchain estimates that these holdings are now worth approximately $458.6 million.
The transfer does not confirm an outright sale, but traders frequently monitor deposits on institutional trading platforms for signs that large investors may be preparing to reduce their positions. The transaction arrived as $ SOL is trading near its lowest levels since 2024 and has reinforced fears that other treasury holders may also act to protect their capital if market conditions deteriorate.
Derivatives markets have already undergone a significant deleveraging process. Data from CoinGlass shows that more than $1.5 billion in crypto positions were liquidated over the past day, with long traders accounting for most of the losses. Solana absorbed a significant portion of the damage as leveraged bullish positions were forced to close in a falling market.
Institutional demand has also weakened. Data from SoSoValue showed that U.S. Solana spot ETFs saw net outflows after several weeks of inflows. This reversal occurred as investors reassessed their exposure to digital assets following Bitcoin’s decline below the key $60,000 support level.
Outside of cryptocurrencies, financial markets have become increasingly defensive. A better-than-expected U.S. jobs report reduced expectations for a rate cut from the Federal Reserve, while renewed geopolitical tensions in the Middle East pushed oil prices higher and reignited inflation concerns.
Rising Treasury yields led to further rotation out of speculative assets, weighing on altcoins across the market.
Solana Approaches Critical Long-Term Support Zone
The weekly chart shows Solana testing a major support zone near $51.5 after months of persistent selling pressure. The level served as an important breakout zone in late 2023 and now represents the most important support remaining on the higher timeframe chart.
Trend indicators continue to favor sellers. Solana remains well below its major moving averages, while the weekly MACD sits below the zero line, with the MACD and signal lines still trending downward. Aroon indicators also remain bearish, with the Aroon Down reading returning to 100 and the Aroon Up sitting below.
Commenting on the bearish market setup, crypto analyst Jack Adams argued that Solana could revisit lower levels before finding a sustainable bottom.
“I’m almost certain $ SOL returns to retest $67-58 once more before returning to $120-175 this year.
I’m almost certain $ SOL is back, it retests $67-58 again before returning to $120-175 this year.
Based on the $ SOL/ BTC and ETH charts, this should be over with a fast rather than slow purge when it comes to the buy zone.
Marking previous monthly wicks and… pic.twitter.com/nbNXm2tLge
— Jack Adams (@JackAdams66) June 3, 2026
According to the analyst, previous demand areas between $58 and $67 could attract longer-term buyers despite the current market weakness.
Weak Support Below Current Levels Increases Risk to $50
CoinGlass liquidation heatmap data identifies the largest concentration of leveraged positions between $70 and $75, with a particularly dense cluster near $74. These levels could attract prices during any relief bounce, although they now represent significant resistance after the recent breakdown.
Below market, liquidity becomes noticeably thinner. The heat map shows relatively limited support below recent lows compared to the large concentration of positions above, increasing the risk of an accelerated move if sellers force another breakdown.
A decisive break below the $51.5 support zone could expose Solana to the psychological $50 level. Since the chart shows limited historical trading activity below this area, sellers could attempt to force a deeper move if market conditions remain unfavorable.
Any bullish recovery would likely require $ SOL to reclaim the old support zone near $70 before challenging the heavy liquidation cluster between $74 and $75.
For now, corporate treasury transfers, ETF exits, aggressive derivatives liquidations, and unfavorable macroeconomic conditions continue to keep pressure on the market, leaving the $50 level firmly on traders’ radar.