Solana Falls to $65.84 Amid Selling Pressure, Down 1.65% as Traders Brace for More Volatility

Solana is struggling. SOL traded at $67 on June 9, 2026, down 1.65% in the past 24 hours, with a market cap of $38.69 billion. The token hit a 24-hour low of $63.92, underscoring persistent selling pressure across the board. Solana has fallen nearly 21.17% over the last seven days, with the 200-day moving average signaling sustained long-term weakness. Two forces are driving this decline: institutional exits and large on-chain dumps. Until those supply pressures ease, Solana traders are bracing for continued volatility.

What’s Driving the Solana Selloff

Goldman Sachs (AAAU ) fully exited its Solana ETF positions, which the market read as a direct negative signal for institutional demand. Simultaneously, meme-coin launchpad Pump. Fun sold a large chunk of SOL, adding direct sell pressure and creating a perfect storm of negative sentiment.

The Numbers Behind the Pressure

• Goldman Sachs’ complete withdrawal from Solana ETFs in Q1 2026 triggered significant institutional outflows and heightened selling pressure on SOL.
• A major long-term holder has sold over $137 million in Solana since 2025, amplifying secondary market supply.
• Pump. Fun transferred 100,628 SOL worth $8.2 million to Kraken, bringing its total cashed-out amount to $780 million.
• Solana’s weekly DEX volume collapsed from $104 billion to $19 billion, an 82% drop as memecoin activity cooled sharply.
• The Bitwise Solana Staking ETF (BSOL) has fallen 37% year-to-date as of June 2, 2026.

Technicals Paint a Bearish Picture

SOL currently trades below the SMA-20 at $88.52, the SMA-50 at $85.95, and well under the SMA-200 at $109.29. The RSI sits at 41.76 and the CCI at -67.59, flagging ongoing bearish momentum without yet reaching oversold territory. The $60 level is now the key support floor; a failure to hold it may intensify downside risk significantly.

One Bright Spot: Alpenglow and Institutional Access

Not everything is bearish for Solana. The Alpenglow consensus upgrade targets approximately 150-millisecond block finality by Q3 2026, slashing current finality times by 100x and potentially attracting latency-sensitive institutional applications. 

• Morgan Stanley opened a crypto-to-ETF conversion path on June 5, 2026, allowing clients to lend SOL for ETP shares, a move that reduces taxable sales and expands institutional access. 
• Solana’s Q1 2026 network recorded $342.2 million in Chain GDP and completed a 43% increase in real-world asset tokenization to $2.01 billion. 

Key Takeaways

• SOL hit a 24-hour low of $63.92 and trades at $67 on June 9, down 1.65%
• Seven-day losses stand at 21.17% as selling pressure outweighs buying activity
• Goldman Sachs’ full Q1 2026 ETF exit removed a major institutional price floor
• Pump.fun has cashed out a total of $780 million in SOL, weighing on supply dynamics
• DEX volume dropped 82%, from $104 billion to $19 billion, in recent weeks
• Alpenglow upgrade targeting 150ms finality in Q3 2026 remains the strongest near-term fundamental catalyst

Solana’s current weakness is data-driven institutional exits, whale dumps, and collapsing DEX volume, all pointing in the same direction. The $60 support level is the line that matters most right now. 

Disclaimer

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.