Solana's price fell below $65 on June 5th, reaching its lowest point since late 2023 amid broader market declines. The altcoin dropped 8% in 24 hours to trade around $63.23, with analysts identifying $53 as a critical support level.
The significant drop in Solana's price and the identification of crucial support levels indicate potential further downside risk for the altcoin, impacting investors and the broader DeFi ecosystem reliant on its network.
The price of Solana (SOL) has fallen below $65, marking its lowest point since late 2023 as the broader cryptocurrency market faces downward pressure. The altcoin was trading around $63.23 as of this writing, with an approximately 8% decrease in the last 24 hours. Crypto analyst Ali Martinez, utilizing the UTXO Realized Price Distribution (URPD) metric, identified $53 as the next significant support level for Solana. This metric tracks investor activity at specific price points, which typically act as support or resistance. Martinez noted that Solana recently lost a support cushion around $77. If the price falls below the $53 support, the next critical levels to watch are $35 and $24. A return of demand in the spot market is considered necessary for any recovery to begin.