Key facts
- Solana's price dropped below $65 on June 5th, its lowest level since late 2023.
- The altcoin experienced an 8% decline in the past 24 hours, trading near $63.23.
- Analyst Ali Martinez identified $53 as the next crucial support level for Solana.
- Further support levels at $35 and $24 were noted if the $53 level fails.
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.