Crypto
Solana Price Crashes to Two-Year Low, Smart Money Sells 455K in SOL
7d ago 4,280
BLOCKINSIDERLoading
Solana is facing one of its toughest weeks of 2026 as the cryptocurrency market sees significant pullback. Solana price dropped below $67, briefly touching levels not seen in over two years.
This recent drop in price came after Forward Industries, the biggest corporate holder of Solana, dumped nearly half a million SOL tokens after remaining inactive for over a month.
While this led to some panic among traders and investors, Solana's network activity and revenue numbers continue telling a different story.
Data from Arkham Intelligence shows thatForward Industries recently deposited 455,784 SOL worth roughly $31.8 million to Coinbase Prime.
The company also unstaked around 500,000 SOL through the Sanctum bridge. This marked one of the largest treasury movements in recent months.
The transfers immediately drew attention because Forward Industries has become one of the most aggressive Solana accumulators since launching its treasury strategy in September 2025.
Since then, the company has spent approximately $1.59 billion acquiring 6.83 million SOL at an average price of $232.08 per token. However, Solana's recent collapse has significantly reduced the value of those holdings.
Today, the company's 6.83 million SOL stack is worth only around $458.6 million, representing an unrealized loss of more than $1.13 billion.
The treasury movement comes as Solana experiences one of its worst weekly performances of the year. As of early June, SOL is trading near $66 after falling approximately 5% in the past 24 hours and nearly 20% over the last seven days.
The decline triggered massive liquidations across the derivatives market, wiping out around $88 million in long positions.
Market participants have linked part of the weakness to a broader risk-off environment across crypto. Others point to recent uncertainty surrounding Zcash after reports of a critical bug disclosure, which created unusual trading activity across multiple digital assets.
Several analysts believe the correction may not be over yet. Popular crypto analyst Martini Guy recently warned that Solana could revisit price levels last seen in late 2023.
According to his analysis, SOL is currently losing a key trading range that supported prices for several months.
He noted that previous moves between the $40 and $80 range happened very quickly, creating what traders often describe as a "thin zone" where prices can move sharply without much support.
If bearish momentum continues, some traders are now targeting the $60 level, while others believe a move toward $40 cannot be ruled out.
Despite the price decline, Solana's on-chain performance remains remarkably strong. Data shows the network generated approximately $90.5 million in decentralized application revenue during May 2026, outperforming every major blockchain network.
For comparison, Hyperliquid generated roughly $56.6 million, while Ethereum recorded around $51.5 million during the same period.
Solana also dominated the tokenized equities market. Trading volume for tokenized assets reached approximately $1.1 billion, representing about 97% of the market's total activity.
These numbers suggest that network usage remains healthy even as investors sell the token.
Another positive sign is user activity. Solana continues to rank among the most active blockchain networks in the industry, attracting roughly 8 million weekly users.
The network also generates around $2.79 million in weekly fees and remains firmly positioned among the top five most productive blockchain ecosystems.
This disconnect between strong network fundamentals and weak price action has created a major debate among investors.
For now, Solana price finds itself at a critical crossroads. On one side, investors are worried about continued selling from large holders such as Forward Industries and the possibility of further downside toward $60 or even $40.
On the other side, the network continues producing industry-leading revenue, attracting millions of users, and maintaining strong developer activity.
The coming weeks will likely determine which narrative wins.
No comments yet
Be the first to share your take when accounts launch.
