The overall market has completely $SOL become a disaster zone under the avalanche. Today's price hovers around $63.40 with intense volatility, losing over 19% in the past week, not only shattering the $69 strong support but also directly hitting a new low for 2026. On the technical side, a long bearish candlestick appears on the daily chart, with the bears fully dominating the market.

Ironically, the on-chain fundamentals of Solana are even setting new records. On June 5th, active users surged to 4.16 million in a single day, and the community just passed the SIMD-0550 proposal (aiming to accelerate halving inflation to reduce future emissions by $1.5 billion).
No matter how impressive the data, it cannot withstand macro blood loss! The market crash of BTC and the fading of Fed rate cut expectations due to the non-farm payroll data (172k) exceeding expectations have taken a hit. No new external funds are coming in, and highly leveraged longs are repeatedly liquidated in the sensitive zone of $63-$65, causing a bloodbath in the derivatives market.

The last line of defense for longs:
Currently, $62-$63 is the most critical psychological bottom this year. If an effective volume-free sideways consolidation cannot form at this level, longs will face a complete collapse.

Next station prediction:
Once the $62 level is broken, the strong technical support below will be lost, and the price is likely to experience a series of sell-offs, sliding directly into the deep water zone of $55-$58 to find a bottom.