The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid a broader shift in digital asset sentiment, Solana has experienced a significant retreat to multi-year lows. According to reports, the price of SOL plunged to $61 on June 6, 2026, marking its lowest valuation since November 2023. This decline follows a week of sustained selling pressure triggered by substantial whale movements and a reversal in sentiment regarding potential ETF approvals, which had previously bolstered the token's price action.
The downward momentum was exacerbated by the liquidation of leveraged long positions, a move that intensified the price drop. Per market data, Solana's performance has lagged behind peers like Bitcoin and Ethereum during this window, as institutional enthusiasm appeared to cool. Market analysts note that the breach of key technical levels has shifted the near-term outlook to bearish, especially as large-scale holders moved assets to exchanges, signaling further potential distribution.
Sign in to access this content
Sign InTraders should closely watch the $60 support zone, as the instrument sat at $61 (close June 6, 2026). Looking ahead, upcoming macro catalysts including US inflation data and scheduled speeches from Fed officials, such as Kashkari on June 2, will be pivotal in determining if the broader market can stabilize. Any further volatility in global manufacturing PMIs could also impact the risk-on appetite necessary for a Solana recovery.