Solana Crashes to Lowest Price Since 2023 — Goldman Sachs Dumps SOL ETF

One of crypto's most beloved tokens is in freefall. Solana (SOL) dropped to $63.51 on June 5, 2026 — its lowest price since December 2023 — as a perfect storm of institutional selling, leveraged liquidations, and broad crypto market fear drove the token to levels that would have been unthinkable just months ago.

From its all-time high of $293.31 reached in January 2026, SOL has now lost more than 78% of its value in less than six months. And the selling pressure shows little sign of stopping.

The Numbers: How Bad Is the Solana Crash?

The scale of Solana's decline is staggering when laid out in full:

• Current price: ~$63–68 (as of June 5-6, 2026)
• All-time high: $293.31 (January 19, 2026)
• Loss from ATH: 78%+
• 7-day decline: 13–17%
• 24-hour decline: ~9%
• Loss vs. June 2025 price: 58%
• 24-hour liquidations: $88.45 million in leveraged positions wiped out — 94% of which were long positions
• SOL ETF daily net outflows: $12.74 million in a single day
• Traders liquidated in 24 hours: 12,084 worldwide

The long liquidation data is particularly brutal. Of the $88.45 million wiped out, $83.53 million came from long positions — meaning the overwhelming majority of losses hit traders who had bet on SOL going up. That kind of lopsided liquidation doesn't happen in orderly markets. It happens when confidence breaks.

Goldman Sachs Just Walked Away From Solana

The single most alarming signal in this crash isn't the price. It's who is selling.

Goldman Sachs — one of the world's most powerful financial institutions and a major early institutional participant in the spot Solana ETF market — quietly closed its entire SOL ETF position this week. The move sent a devastating signal to the market: if one of Wall Street's most sophisticated investors has decided Solana is not worth holding right now, what does that say about the asset?

Goldman's exit coincided with a broader wave of institutional outflows. Spot Solana ETFs posted $12.74 million in net outflows in a single day — a record for the funds — as big money pulled back from altcoins across the board.

The selling pressure wasn't limited to institutional players. Pump.fun — the wildly popular Solana-based meme coin launchpad — sold over 100,000 SOL tokens worth approximately $8.5 million at around $84.50, adding direct selling pressure to the market at a critical moment. When even native Solana ecosystem participants are cashing out their SOL holdings, it raises uncomfortable questions about confidence in the network's near-term value.

Why Is Solana Crashing? The Full Picture

Several overlapping factors are driving SOL's collapse:

1. The broader crypto rout Solana is not falling in isolation. Bitcoin is trading near $60,000 after tumbling more than 5% on Friday. Zcash collapsed 50% after its Orchard privacy bug disclosure. The QQQ Nasdaq-100 ETF had its worst day since April 2025. Risk assets across the board are being sold as investors price in Federal Reserve rate hikes following May's blowout jobs report. In a risk-off environment, altcoins like Solana — which carry significantly more speculative risk than Bitcoin — get hit the hardest.

2. Inflation and Fed rate hike fears The May 2026 jobs report added 172,000 jobs — nearly double forecasts — pushing the probability of a Fed rate hike by December to 70%. High interest rates reduce the appeal of speculative assets. Capital flows out of crypto, meme coins, and high-growth tech and into safer instruments like Treasury bonds. This dynamic has been crushing altcoins for weeks.

3. AI stocks eating crypto's lunch One of the most consistent themes of 2026 has been the rotation of speculative capital out of crypto and into AI-related equities. Investors who might have put money into Solana's ecosystem a year ago are now buying Nvidia, Palantir, and AI infrastructure plays instead. The result: Solana's on-chain activity has been declining for months, social interest has faded, and the token has lost its narrative momentum.

4. Hyperliquid surpasses Solana in price In a symbolic blow to SOL's prestige, Hyperliquid's HYPE token has now overtaken Solana in price — a development that would have seemed impossible at the start of 2026. Hyperliquid's market cap has climbed above $16 billion while Solana's has fallen to approximately $39–42 billion. The gap is narrowing, and the optics are terrible for SOL holders.

5. The FTX shadow — and historical parallels Long-time Solana watchers remember what happened the last time the token faced this kind of crisis. In November 2022, the collapse of FTX — whose affiliated trading firm Alameda Research held massive SOL positions — sent the token crashing from approximately $30 to below $13 in days. It eventually bottomed at $8.13 in December 2022 — a 97% decline from its all-time high.

SOL then staged one of the most remarkable recoveries in crypto history, climbing from $8 to $293 in roughly three years. The question now is whether history can repeat itself — or whether the current downturn signals something structurally different.

The "Tired of Winning" Meme: When Trump's Words Come Back Around

One of the more darkly humorous storylines running through crypto Twitter this week is the revival of Donald Trump's famous "tired of winning" quote — now repurposed as a meme by traders watching their portfolios collapse.

Trump famously said during his 2016 campaign: "We're going to win so much, you may even get tired of winning. And you'll say please, please — it's too much winning!"

Crypto investors who backed Trump heavily in 2024 — many of whom bought Trump's official TRUMP memecoin, purchased World Liberty Financial tokens, and cheered his election as the dawn of a new crypto golden age — are now very tired indeed. But not from winning.

Bloomberg captured the mood perfectly in a recent headline: "Trump Family Crypto Projects Make Investors Tired of 'Winning'." The TRUMP memecoin has lost over 91% of its value from its peak. Melania coin is down nearly 99%. World Liberty Financial's WLFI token has cratered. And the promised crypto-friendly regulatory environment remains stalled in Congress, paralyzed by Trump's personal conflicts of interest with his own crypto ventures.

The "tired of winning" meme spreading across crypto Twitter this week is both a joke and a genuine expression of frustration from a community that bet heavily on a political narrative — and is now watching it unravel alongside their portfolios.

Is $50 the Next Stop? What Analysts Are Saying

With SOL having broken below multiple key support levels, technical analysts are pointing to some uncomfortable potential targets:

• $57–$59 range: Identified as the next meaningful support level by multiple analysts
• $50: Some bearish analysts warn this could be the next floor if the broader crypto selloff continues
• $20: Extreme bear case — the level SOL last traded at in September 2023, before its epic rally began

The more optimistic scenario: if inflation data comes in cooler than expected in mid-June, rate hike bets will fade, risk appetite will return, and SOL could stage a relief rally back toward the $87–$100 range. Solana's underlying technology — its high throughput, low fees, and vibrant developer ecosystem — remains intact despite the price action.

But in the short term, the technicals, the institutional behavior, and the macro backdrop all point the same direction: down.

Key Takeaways

• Solana (SOL) crashed to $63.51 on June 5, 2026 — its lowest price since December 2023 and 78%+ below its January 2026 all-time high of $293.31
• Goldman Sachs closed its entire SOL ETF position this week, triggering a wave of institutional outflows
• Spot Solana ETFs saw $12.74 million in net outflows in a single day — a record
• $88.45 million in SOL leveraged positions were liquidated in 24 hours — 94% long positions
• Pump.fun sold 100,000+ SOL tokens worth ~$8.5 million, adding direct sell pressure
• Hyperliquid's HYPE token has now overtaken Solana in price — a symbolic blow
• The "Tired of Winning" meme is sweeping crypto Twitter as Trump-aligned crypto projects collapse
• Key support levels to watch: $57–59, then $50 in a worst-case scenario
• Solana has recovered from worse before — it bottomed at $8.13 in 2022 before rallying 3,500%