Solana (SOL) sank to $66 this week, its weakest price since December 2023, as panic selling tore through a battered crypto market.
Key Points:
- SOL broke below $70 support and fell to $66, a level last seen in December 2023.
- Daily liquidations reached $83 million, with $78.25 million in long positions wiped out.
- The token's RSI dropped to a three-year low of 22, deep in oversold territory.
Solana Breaks $70 Support
The altcoin breached its $70 floor, slid to a low of $66, then recovered 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.
Bitcoin (BTC) led the wider retreat, dipping under $66,000 as fresh fear gripped traders. Roughly $2 billion in leveraged positions vanished 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.
Also Read: Bitcoin Briefly Slips Under $62K As Liquidations Sweep The Market
SOL Liquidations Mount
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.
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.
RSI Hits Oversold
The rout drove SOL's RSI 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 warn the token could lose $70 and test $60 if sentiment holds.
A move back above $80 would be needed to steady the chart. Hyperliquid (HYPE) underscored the shift, climbing above Solana in price after touching a record near $75. It also captured a record share of perpetual futures volume in May.
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.
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