Key Highlights
- SOL dropped nearly 6% in 24 hours and over 13% in the past week, hitting a new 2026 low.
- More than $90 million in leveraged positions were liquidated, with long traders accounting for the majority of losses.
- U.S. spot Solana ETFs recorded a $12.74 million daily net outflow, signaling softer institutional demand.
Solana (SOL) is under heavy pressure, trading at $69.75, down 5.99% in the last 24 hours and 13.64% over the past week. The token today reached a fresh low for 2026 amid a sharp market-wide correction, testing critical support levels and raising questions about whether a bottom is forming.
The daily chart shows SOL breaking below recent consolidation, sliding from recent highs near $82 to the current level, according to CoinMarketCap. The 24-hour range spans from around $74 down to sub-$68 territory, with a clear red candle dominating the session.
On the weekly view, the token has erased recent gains and is now trading well below the $80 psychological mark. While still far above its all-time low, SOL’s 2026 performance reflects ongoing bearish structure amid broader risk-off sentiment in crypto.
The market capitalization stands at $40.35 billion, with a 24-hour trading volume residing at $5.89 billion, being 24.02% up in the past 24 hours. Circulating supply remains at 578.56 million SOL out of 627.78 million total supply.
Liquidations push downside movement
Leveraged trading has amplified the decline. $90.68 million in SOL positions were liquidated in the past day, with $84.02 million from longs versus just $6.66 million from shorts, according to CoinGlass data. A single large liquidation reached nearly $1.82 million, and the liquidation rate hit extreme levels (2.8x above the 7-day average).
This long, heavy wipeout created a cascade effect, pushing the price lower as stop-losses triggered further selling.
ETF data gives mixed signals
Institutional interest via ETFs shows mixed signals. The US SOL Spot ETF category recorded a $12.74 million net outflow on the day, as per SoSoValue data. While cumulative inflows stand at $1.13 billion and total assets reach $826.52 million (2.01% of SOL’s market cap), the recent reversal highlights fading short-term institutional buying pressure.
SOL sustained pressure could lead to touching a new bottom
If SOL defends the $66–$68 lows with contracting sell volume and stabilizing liquidations, a relief rally toward $74–$78 is possible. Reclaiming $80 would improve sentiment significantly.
Sustained pressure below $66, especially with continued ETF outflows or macro weakness, could target lower supports as high volatility from liquidations often leads to sharp snapbacks.
SOL’s drop to fresh 2026 lows, driven by $90M+ in long liquidations and negative ETF flows, reflects classic risk-off capitulation. While technically challenged with strong sell signals, the current oversold levels and robust on-chain activity raise the possibility of a bottom forming.
Traders should monitor volume at key supports and broader market flows closely. With its proven utility and developer momentum, Solana retains significant long-term potential, but near-term price action remains liquidation-sensitive and sentiment-driven. Caution is advised as the market seeks direction.
Also Read: Ethereum Bleeds 10% in a Week as Price Breaks Below $1,800
