bullish

Solana

Chainlink

Spot

Daily

<p><strong>Solana</strong><a href="https://yellow.com/asset/sol" rel="noopener noreferrer nofollow">(SOL)</a><a href="https://yellow.com/news/solana-logs-8-red-months" rel="noopener noreferrer nofollow">sank to $66</a> this week, its weakest price since December 2023, as panic selling tore through a battered crypto market.</p>
<h2 id="key-points">Key Points:</h2>
<blockquote>
 <ul>
  <li>SOL broke below $70 support and fell to $66, a level last seen in December 2023.</li>
  <li>Daily liquidations reached $83 million, with $78.25 million in long positions wiped out.</li>
  <li>The token's RSI dropped to a three-year low of 22, deep in oversold territory.</li>
 </ul>
</blockquote>
<h2 id="solana-breaks-70-support">Solana Breaks $70 Support</h2>
<p>The altcoin breached its $70 floor, slid to a low of $66, then <a href="https://crypto.news/hyperliquid-price-overtakes-solana-as-hype-defies-crypto-market-crash/" rel="noopener noreferrer nofollow">recovered</a> to about $70.40. That left it down 7.3% on the day and 13% over the week. SOL also dropped beneath its short-term and long-term moving averages, a sign of sustained selling rather than a brief dip.</p>
<p><strong>Bitcoin</strong><a href="https://yellow.com/asset/btc" rel="noopener noreferrer nofollow">(BTC)</a> led the wider retreat, dipping under $66,000 as fresh fear gripped traders. Roughly $2 billion in leveraged positions <a href="https://themarketperiodical.com/2026/06/03/crypto-market-crash-deepens-as-bitcoin-whales-sell-and-fear-surges/" rel="noopener noreferrer nofollow">vanished</a> across the market in a single day. Renewed US-Iran tensions and a stretch of spot ETF outflows added to the selling pressure across digital assets.</p>
<p><strong>Also Read:</strong><a href="https://yellow.com/news/bitcoin-slips-under-62k-liquidations-sweep-market" rel="noopener noreferrer nofollow">Bitcoin Briefly Slips Under $62K As Liquidations Sweep The Market</a></p>
<h2 id="sol-liquidations-mount">SOL Liquidations Mount</h2>
<p>Total liquidations climbed to $83 million over 24 hours. Longs absorbed nearly all of it, with $78.25 million in bullish bets wiped out. Sellers had dominated the futures market through the prior week, the data showed.</p>
<p>On the futures side, outflows hit $3.09 billion against $2.8 billion in inflows, dragging net flow to negative $281 million. A longer view showed $10.82 billion leaving the futures market. Spot holders sold too, lifting exchange net flow 309% to $22.9 million as fear spread.</p>
<h2 id="rsi-hits-oversold">RSI Hits Oversold</h2>
<p>The rout drove SOL's <a href="https://yellow.com/learn/the-relative-strength-index-rsi-what-it-is-and-how-it-works" rel="noopener noreferrer nofollow">RSI</a> down to 22, a three-year low. Readings that depressed point to firm seller control, and they have often preceded deeper losses before any turn. Analysts <a href="https://www.banklesstimes.com/articles/2026/06/02/solana-price-caves-below-80-support-exposing-more-downside/" rel="noopener noreferrer nofollow">warn</a> the token could lose $70 and test $60 if sentiment holds.</p>
<p>A move back above $80 would be needed to steady the chart. <strong>Hyperliquid</strong><a href="https://yellow.com/asset/hype" rel="noopener noreferrer nofollow">(HYPE)</a> underscored the shift, <a href="https://cryptobriefing.com/hyperliquids-hype-overtakes-solana-in-price-as-sol-hits-2023-lows/" rel="noopener noreferrer nofollow">climbing</a> above Solana in price after touching a record near $75. It also captured a record share of perpetual futures volume in May.</p>
<p>Solana's swings have been violent before. The token bottomed near $8 after the FTX collapse in 2022, then climbed past $290 at its peak. This year it has bled steadily lower, sliding through triple-digit support and now slipping beneath it.</p>
<p><strong>Read Next:</strong><a href="https://yellow.com/news/chainlink-hold-8-05-buyers-loading-up" rel="noopener noreferrer nofollow">Can Chainlink Hold $8.05? On-Chain Data Says Buyers Are Loading Up</a></p>

Why Solana Fell To $66 And Where The Heavy Selling Goes Next

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