Solana's $50 Ghost: $200K SOL Stalks Coinbase as Bulls Defend $62 🪙

Solana traded at $65.40 at press time, up 2.65% over the previous 24 hours, with trading volume rising 25% to $2.98 billion. The move came despite the token breaking below a multi-year support level at $76.25, with technicals pointing to further downside if that level is not reclaimed. The Average Directional Index climbed to 46, indicating a strong prevailing trend, and one technical scenario put SOL on a path toward $50, representing a 22% decline from current levels. A sustained move back above $76.25 would invalidate that bearish setup.

On-chain flows added to supply-side concerns. According to Lookonchain, defunct FTX and Alameda Research unstaked 200,241 SOL worth $12.99 million, a move historically tied to creditor repayments that have been followed by token distributions. Separately, Solana treasury firm Forward Industries transferred 455,784 SOL worth $31.87 million to Coinbase Prime. The company had acquired 6.83 million SOL during 2025 at an average cost of $232.08, leaving the position deeply underwater at current prices. Solana exchange balances also continued climbing, with another 1.17 million SOL reaching trading platforms over the past three weeks.

Spot ETF flows offered a modest counterweight. Data from SoSoValue showed spot SOL ETFs recorded $1.79 million in net inflows this week. Derivatives traders, however, remained cautious. CoinGlass data showed SOL's Long/Short Ratio falling to 0.99, with $64.40 and $65.80 standing out as major liquidation levels. Traders held $27.49 million in long positions around those levels against $49.26 million in shorts, underscoring bearish conviction. Binance's Top Trader Long/Short Ratio painted a different picture, with 76.6% of accounts long and 23.4% short for a ratio of 3.27.

After losing the $78.50 range floor earlier this month, Solana established support around $62.32 and began consolidating between that level and resistance near $67.95. The Relative Strength Index recovered from deeply oversold conditions to 34.08, with its moving average near 28.34, though the indicator remained below the neutral 50 mark. The OI-Weighted Funding Rate stood at -0.0057% on June 12, indicating that short positions continued to pay longs as the derivatives market leaned defensively.