Solana’s value has slumped to a multi-year low, with a significant corporate holder moving millions worth of SOL to an exchange, intensifying fears that large investors are offloading positions during the market downturn.
Data from crypto.news shows SOL trading near $62 on June 6, after briefly touching the $60 mark. The token has lost approximately 24% over the last week, over 30% in the past month, and around half its value since the beginning of the year, as traders continue to exit risky assets amid a broader crypto market decline.
Whale activity has added to bearish sentiment. Blockchain analytics platform Lookonchain reported that Forward Industries transferred 455,784 SOL, worth about $31.9 million, to Coinbase Prime following a month of dormancy. The company had adopted a Solana treasury strategy in September 2025, spending roughly $1.59 billion to acquire 6.83 million SOL at an average price of $232. Lookonchain estimates those holdings are now valued at approximately $458.6 million.
While the transfer does not confirm an outright sale, market participants often view such moves to institutional platforms as a precursor to reducing positions. The deposit occurred as SOL traded near its lowest levels since 2024, raising concerns that other treasury holders may also act to safeguard capital if conditions worsen.
Derivatives markets have experienced a sharp deleveraging event. CoinGlass data reveals that over $1.5 billion in crypto positions were liquidated in the past day, with long traders bearing the brunt of the losses. Solana saw a significant portion of this liquidation activity as leveraged bullish bets were forced to close amid falling prices.
Institutional demand has also weakened. SoSoValue data indicates that U.S. spot Solana ETFs recorded net outflows after several weeks of inflows. This reversal came as investors reassessed their exposure to digital assets following Bitcoin’s drop below the critical $60,000 support level.
Beyond crypto, financial markets have turned cautious. A stronger-than-expected U.S. jobs report dampened hopes for Federal Reserve rate cuts, while renewed geopolitical tensions in the Middle East pushed oil prices higher and revived inflation fears. Rising Treasury yields have prompted a rotation away from speculative assets, weighing on altcoins across the board.
From a technical perspective, Solana is testing a major support zone near $51.5 on the weekly chart. This level previously served as a breakout region in late 2023 and now represents the most significant support on the higher timeframe. Trend indicators remain bearish: SOL is well below its key moving averages, the weekly MACD is below zero with both lines trending down, and Aroon indicators show weakness, with Aroon Down at 100 and Aroon Up trailing below.
Crypto analyst Jack Adams commented on the bearish setup, stating he is almost certain SOL will retest the $67 to $58 range before reversing toward $120 to $175 this year. He believes previous demand zones between $58 and $67 could attract long-term buyers despite the ongoing weakness.
Liquidation heatmap data from CoinGlass reveals the largest concentration of leveraged positions between $70 and $75, with a dense cluster near $74. These levels could act as resistance during any relief rally. Below current prices, liquidity is thin, increasing the risk of a rapid decline if sellers push through the $51.5 support. A break below that zone could expose SOL to the psychological $50 level, given the limited historical trading activity beneath it.
For now, corporate treasury transfers, ETF outflows, aggressive liquidations, and unfavorable macroeconomic conditions continue to pressure the market, keeping the $50 level firmly on traders’ radar.