TLDR
- SOL bounced from $60 and is trading around $64.85, up over 5% in 24 hours
- An unknown wallet moved 1.35 million SOL ($84 million) to Coinbase Institutional, adding supply pressure
- Exchange inflows exceeded outflows by $9.56 million, pointing to increased selling supply
- Monthly RSI is more oversold than during the 2022 FTX crash, with eight straight red monthly candles
- The $70–$76 zone is the key resistance; failure there could push SOL toward $55–$58
Solana is trading near $64.85 after bouncing from the $60 region, posting a gain of over 5% in the last 24 hours. That bounce followed one of the sharpest downside moves SOL has seen in recent months.
The recovery comes after Solana broke below the $78.50 range floor, a level that had held for several months. Once that support gave way, price slid toward $62.32 and briefly traded around $64.42.
The RSI dropped to 22.41 during the sell-off, pushing the indicator deep into oversold territory. On the monthly chart, the RSI is now more oversold than it was during the 2022 FTX crash, when SOL fell to around $8.
Solana has now printed eight consecutive red monthly candles — the first time that has happened in the asset’s history. Analyst Ash Crypto noted that SOL recently hit a three-year low near $60 and is down more than 80% from its all-time high.
$SOL is the most oversold it has EVER been.
– Solana just hit a 3-year low of $60.
– Down -80% from its ATH.
– 8 consecutive red monthly candles for the first time in history.
– $SOL Monthly RSI is more oversold than the 2022 FTX crash when sol crashed to $8.Do you think the… pic.twitter.com/XrQs1444SA
— Ash Crypto (@AshCrypto) June 6, 2026
Whale Move Adds Supply Pressure
An unknown wallet transferred 1.35 million SOL, worth roughly $84 million, to Coinbase Institutional. While the transfer did not confirm immediate selling intent, it added potential supply to exchange-linked platforms at a sensitive moment.
Exchange flow data from CoinGlass backed up the concern. Spot inflows reached $48.32 million against outflows of $38.76 million, leaving a net positive flow of $9.56 million toward exchanges. More SOL moving to exchanges than away is generally associated with selling pressure.
Analyst Daan Crypto noted on X that SOL delivered the expected 20–30% move after breaking out of a three-month compression range. He said the result of a long consolidation break is “usually pretty large,” and that SOL is now retesting a key weekly level. He called it “the last major one for a while,” adding that bulls need to start reclaiming levels above.
$SOL Did indeed get that 20-30% move upon breaking the range. That's what happens after 3+ months of compressed price action. It's why I always say to wait for confirmation, and then jump onto whatever momentum might occur.
The moment a break occurs after such a long… https://t.co/fxT34Zuwbf pic.twitter.com/bS7Dgl0FDQ
— Daan Crypto Trades (@DaanCrypto) June 7, 2026
Derivatives Traders Stay Active
Open Interest in Solana futures rose 7.87% to $4.50 billion, showing that traders continued adding positions despite the price drop. That signals market participants still expect large price moves ahead.
Key Levels to Watch
The $70–$76 zone is now the most important area on the chart. If SOL can reclaim that range, it opens the door to further recovery. If it fails, analysts point to $55–$58 as the next downside target.
On the 1-hour chart, SOL has broken above a descending trendline, which is an early sign that short-term selling pressure may be easing. Bulls need to hold above $62–$63 to keep that signal valid.
Open Interest stood at $4.50 billion as of the latest data, with RSI showing early signs of stabilizing from recent lows.
