Solana’s price fell sharply to around $61, marking its lowest level since late 2023, as institutional investors began offloading their positions amid mounting losses. This decline follows a significant shift in sentiment among major market players, leading to intensified selling pressure that pushed the cryptocurrency further into oversold territory.
Spot ETFs tracking Solana showed net outflows for consecutive days, indicating sustained institutional dumping. After a month of positive inflows, the reversal triggered a market selloff similar to the one observed earlier this year when ETF selling dragged Solana’s price down from $91 to $81. This pattern highlights the outsized influence of institutional trades on Solana’s price dynamics.
The losses reported by treasury firms betting on Solana have compounded fears. For example, Forward Industries experienced a loss exceeding $1.3 billion on its SOL holdings. The total value of Solana held by decentralized autonomous trusts (DATs) dropped significantly within a day, reflecting a broader market retreat from the asset among professional investors.
Technical indicators confirm the growing bearish momentum. Solana’s Relative Strength Index sank further into oversold territory, registering a low of 15, a signal that selling pressure dominates and buyers remain scarce. With this backdrop, $60 has become a key support level. Should Solana breach this point, the market may test $53, its next historical support area.
The situation places Solana at a precarious juncture, where continued institutional selling and deteriorating market sentiment could drive prices lower. Investors and market participants are closely watching whether the $60 price mark holds amid this intensified downside pressure.