The SOL price is trading near $90.69, down about 3.85% in 24 hours, and it’s been weaker than the broader crypto market over the same stretch. The move wasn’t random. Data shows about $143 million in Solana longs were liquidated, which means a lot of leveraged traders got forced out as price dropped.
Macro conditions didn’t help either. Higher-than-expected U.S. inflation data and ongoing U.S.–China tensions added pressure across risk assets. In that kind of environment, higher-volatility coins like Solana usually react more sharply, and the SOL price followed that pattern.
What you'll learn 👉
Market Structure Breaks After Losing Key Support
We had a look at the chart shared by Crypto Patel, and the key issue is the break below the $92–$94 support zone. That level had been acting as a short-term floor, and once it gave way, sellers took more control. The liquidation data fits that move, with $143 million in forced long exits adding extra downside pressure.
Right now, the SOL price is trying to stabilise above $88, which is the next important level traders are watching. If that area holds, the price can settle into a tighter range and rebuild the structure. If it fails, the next area of interest sits closer to $85, where previous liquidity exists.
Even with this short-term weakness, the bigger picture hasn’t fully broken. Solana still has a broader cycle structure built from its recovery after the 2022–2023 bear market, followed by breakout attempts through 2024 and consolidation into 2026.
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Institutional Exposure and Staking Still Play a Big Role
There’s also a strong institutional layer in the background. Forward Industries, one of the largest publicly listed Solana holders, reported owning about 6.97 million SOL, bought at an average cost of roughly $232 per token. With the SOL price now near $90, that position is sitting deep in unrealized losses, estimated close to $1 billion, based on data reported by TheCryptoBasic.
Forward Industries Faces Nearly $1B Unrealized Loss on #Solana Holdings.
— TheCryptoBasic (@thecryptobasic) May 14, 2026
Forward Industries, the largest publicly listed Solana treasury holder, reported owning 6,979,967.46 Solana as of January 15, 2026, with nearly its entire position staked and generating a 6.73% gross annual… pic.twitter.com/KD00mV7pE4
Even so, most of that SOL is staked, generating around a 6.73% annual yield, which shows these positions are still being actively managed rather than fully exited. The company also reported a quarterly net loss of about $585 million, with over $560 million tied to digital asset valuation losses, partially offset by staking income.
The drop comes down to a combination of factors. First, macro pressure reduced risk appetite across markets after inflation data came in hotter than expected. Second, the $143 million liquidation event forced leveraged positions out quickly, speeding up the move. Third, the break below $92–$94 support confirmed that buyers lost control of that short-term zone.
When you combine macro pressure, leverage unwind, and a technical breakdown, moves like this tend to happen fast, and that’s exactly what played out in the SOL price action.
What Traders Are Watching Next
The next key level is $88. If buyers defend it, Solana could stabilize and trade between roughly $88 and $92, giving the market time to reset. A move back above $100–$110 would be the first real sign that momentum is returning and sellers are losing control of the recent breakdown.
On the bigger picture side, Solana still has strong long-term catalysts in play, including growing real-world asset adoption and ETF speculation with approval odds estimated around 90% by analysts. For now though, the SOL price is mainly reacting to macro pressure and leverage unwinding, and the next move will depend on whether $88 holds or breaks.
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