Solana Price Drops Below $65: SOL Support at $53, Next $35/$24
Solana price (SOL) fell below $65 for the first time since 2023 as broader crypto markets turned bearish. On June 5, SOL slid toward the $60 area, reaching its lowest level since late 2023, and the move suggests downside may extend over the next few weeks.
Analyst Ali Martinez cited on-chain UTXO Realized Price Distribution (URPD) data. The Solana price analysis notes SOL recently lost a prior “support cushion” around $77. Based on URPD cost-basis concentration, the next key support sits near $53, with little buffer between current levels and that floor.
If the Solana price breaks and loses $53, the next major downside levels highlighted are around $35 and $24. For any recovery to start, spot-demand needs to return after the selloff.
As of writing, SOL trades around $63.23, down nearly 8% over 24 hours.
Bearish
This news is categorized as bearish because the Solana price is breaking down through multiple technically and on-chain defined support zones. The article highlights that SOL lost a prior support “cushion” around $77 and is now approaching the next URPD cost-basis level near $53. When price loses cost-basis clusters, traders often see increased selling pressure (holders defending earlier bids can flip to selling), which can accelerate momentum downward.
In the short term, watching $53 is critical: a clean breakdown would likely trigger momentum selling toward the next levels at $35 and $24, increasing volatility and reducing the probability of an immediate rebound. In the medium/long term, the path to recovery depends on whether spot demand returns quickly enough to rebuild a new support base. Historically, similar “support cushion” losses in high-beta alts often lead to longer consolidation or drawdowns before stabilization, especially when the broader market is already under pressure.