Solana Slips to Multi‑Year Low as Whale Transfer and Liquidations Raise $50 Risk

Forward Industries' deposit to Coinbase Prime, combined with heavy derivatives liquidations, has weakened institutional demand and left SOL testing critical support that could lead to a drop toward $50.

Overview

Solana has tumbled to roughly $60–$62, trading at multi‑year lows as selling accelerated and the token now sits near a key long‑term support around $51.50.
Blockchain analytics show Forward Industries moved 455,784 SOL to Coinbase Prime, a transfer that does not prove a sale but is widely watched as a possible prelude to selling by a major treasury holder.
Derivatives markets experienced a concentrated deleveraging that CoinGlass puts at more than $1.5 billion in liquidations in a single day, with leveraged long positions in SOL forced to close into the drop.
U.S. spot Solana ETFs recorded net outflows after weeks of inflows and broader macro forces — stronger U.S. jobs data, rising Treasury yields, and renewed Middle East tensions — have reduced demand for higher‑risk assets.
If the $51.50 support breaks, the market faces thin historical liquidity below current levels and a clear path toward the $50 psychological level, which would deepen losses for Forward Industries after its $1.59 billion purchase of 6.83 million SOL.