Solana price could revisit June lows as recovery runs out of steam

Solana price has failed to build momentum after rebounding from last week’s lows, with technical and on-chain signals pointing to lingering downside risks.

According tot data from crypto.news, Solana (SOL) fell from around $80 on June 1 to a multi-month low near $61 on June 6 as aggressive whale selling and a wave of derivatives liquidations swept through the crypto market. Buyers stepped in after the selloff and pushed SOL back toward $67 by June 9, but the recovery stalled before reaching the psychologically important $70 level.

Since then, the token has failed to establish a stronger uptrend, with price action on the four-hour chart showing signs of a bearish flag formation after the initial rebound.

Staking decline and whale activity raise fresh concerns 

The weakness follows one of Solana’s sharpest corrections of the year. During the June 1-6 decline, more than $1.5 billion worth of leveraged long positions were liquidated across the crypto market, according to liquidation data, while SOL emerged among the hardest-hit large-cap cryptocurrencies.

Institutional activity added to the pressure. Blockchain tracking data showed several large transfers to centralized exchanges during the selloff, including a 455,784 SOL transfer worth roughly $31.9 million from Forward Industries to Coinbase Prime. Such movements are often monitored by traders because they can signal an intention to sell or reposition assets.

Supply concerns also surfaced as the Solana ecosystem processed a scheduled unlock of approximately 624,666 SOL on June 7. Although a portion of unlocked tokens may eventually return to staking, the timing of the release came immediately after the market decline, adding to concerns about additional circulating supply.

Another sign of weakening holder conviction has emerged from staking data. Recent network figures show the total staked SOL supply has fallen to its lowest level since early December 2023, indicating that some holders have been removing tokens from staking even as prices remain under pressure.

Meanwhile, new derivative products could increase volatility. As crypto.news reported, on June 10, Kalshi added Solana perpetual futures to its regulated crypto derivatives platform, expanding institutional access to leveraged SOL exposure. The exchange said contracts linked to Dogecoin and Shiba Inu remain under regulatory review.

Macroeconomic conditions have also remained unfavorable for risk assets. Escalating tensions between the U.S. and Iran, combined with persistent inflation concerns and expectations that the Federal Reserve may keep interest rates elevated for longer, have weighed on cryptocurrencies throughout June.

At the same time, several market observers have pointed to capital flowing toward artificial intelligence companies and large technology listings during the first half of 2026, reducing investor appetite for speculative altcoin positions.

SOL price analysis suggests more downside risk remains

Technical indicators suggest sellers still retain control despite the rebound from last week’s lows. On the four-hour chart, SOL remains trapped between the Murrey Math support at $62.50 and resistance near $65.63. Price briefly broke out of a falling wedge pattern following the June 6 low but has since lost momentum and formed what appears to be a bearish flag beneath resistance.

The pattern developed after a sharp decline from the $80 area and is typically viewed by technical analysts as a continuation structure when it forms after a strong downward move. A breakdown below the lower boundary of the flag could expose the June support zone near $62.50, while additional weakness may bring $59.38 and $56.25 into focus.

Momentum indicators also remain mixed. Although the four-hour MACD improved significantly after the rebound, bullish momentum has faded during the past several sessions, with the indicator flattening as buyers struggle to push the token above $67.

The daily chart presents a similarly cautious picture. SOL continues to trade well below the daily Supertrend resistance at $75.23, keeping the broader trend bearish despite the recent bounce.

Daily MACD readings remain below the zero line, and while downside momentum has slowed, a confirmed bullish crossover has yet to emerge. Until that happens, the recovery from the June low can still be viewed as a corrective move rather than a trend reversal.

For bulls to regain control, SOL would likely need to reclaim the $68-$70 region before targeting the daily Supertrend level near $75. A move above that area could open the door for a test of the former support zone between $80 and $82.

Failure to hold current levels, however, would leave the June lows vulnerable. If the $62-$60 support area gives way, the next major downside zone on the daily chart sits between roughly $53 and $56, according to the current technical structure.