Solana price set to revisit June lows as SOL recovery stalls
Solana (SOL) is losing momentum after rebounding from early-June losses, and technical signals suggest more downside risk. SOL fell from around $80 on June 1 to a multi-month low near $61 on June 6, then recovered toward $67 by June 9 but failed to break the psychological $70 level.
On-chain and market activity remain bearish. During June 1–6, more than $1.5B in leveraged long positions were liquidated across crypto, with SOL among the hardest-hit large caps. Whale transfers to exchanges were also highlighted, including a 455,784 SOL transfer (~$31.9M) from Forward Industries to Coinbase Prime. In addition, an ecosystem unlock of about 624,666 SOL on June 7 raised supply concerns right after the selloff.
Holder conviction weakened too: total staked SOL has fallen to the lowest level since early Dec 2023. Derivatives activity is expanding as Kalshi added Solana perpetual futures on June 10, which could increase volatility.
Technically, SOL is trading between Murrey Math support at $62.50 and resistance near $65.63. The 4-hour chart shows a bearish flag, and a breakdown could push SOL back toward $62.50, then $59.38 and $56.25. A broader bearish daily trend remains intact while SOL stays below key resistance zones ($68–$70 and the daily Supertrend near $75.23).
Bearish
The article’s core message is that Solana’s rebound has stalled and SOL looks technically vulnerable. The bearish flag on the 4-hour chart, combined with SOL failing to reclaim $70, supports a near-term downside bias.
Fundamentals also lean bearish: large liquidation events during June 1–6 (over $1.5B), whale-sized transfers to exchanges, and a scheduled SOL unlock soon after the selloff all increase sell-side risk. The drop in staked SOL to the lowest level since early Dec 2023 suggests weaker holder conviction, which often limits how far spot rallies can run before renewed selling appears.
For traders, the key actionable levels are the $62.50 support area and the subsequent downside targets cited ($59.38, then $56.25). Similar setups have historically played out in crypto when a relief rally breaks down: after liquidation-driven rebounds fade, the market frequently revisits prior liquidity/support zones.
Short term: elevated volatility is possible after new SOL perpetual listings, but directionally the mix of bearish price structure and supply/staking pressure favors further testing of June lows. Long term: a sustained reversal would likely require reclaiming $68–$70 and then clearing the higher daily resistance region near $75.23; until then, the recovery is more consistent with a corrective phase.