Українська
Русский
English
Solana Collapses to a 2.5-Year Low
One of the largest cryptocurrencies has erased the gains it made last year at the peak of the memecoin market and digital treasury trend.
Solana ($SOL) has hit its lowest level in 2.5 years, erasing the gains it made last year during the memecoin frenzy and the trend of public companies accumulating crypto reserves. On 5 June, the price of $SOL fell below $64 for the first time since December 2023. The token ranks seventh on CoinMarketCap with a market capitalisation of $38 billion.
The $SOL/USDT price chart. Source: TradingView.
As of 12:30 Moscow time on 5 June, $SOL was trading at around $65.2. Over the past 24 hours, it has fallen by 5.6%, and by 77% from its high at the beginning of 2025.
Solana’s all-time high of around $300 came during the memecoin trading boom, whose peak was the launch of US President Donald Trump’s memecoin on the Solana blockchain. Trump announced the release of the meme cryptocurrency two days before his inauguration, on 18 January 2025. $SOL reached its peak the following day.
At that time, thousands of memecoins were appearing on the network every day and were traded mostly only on decentralised exchanges (DEXs), requiring $SOL to pay fees for each transaction. This created massive demand for the coin.
What Is Happening With Solana Reserves
Amid Solana’s price growth in 2025, public companies also began appearing that created digital asset treasuries (DATs) based on $SOL, operating under the model of Michael Saylor’s Strategy. On 5 June, Lookonchain analysts reported that public company Forward Industries, which calls itself the largest Solana treasury on the market, transferred 455,000 $SOL worth around $31.8 million to Coinbase Prime after a month of inactivity.
Forward Industries was launched in September 2025 and bought 6.83 million $SOL at that time. Its purchases coincided with a 15% rise in $SOL; the company acquired the coins at an average price of $232, spending around $1.59 billion. At current prices, these tokens would be worth $458 million, analysts calculated. According to their estimates, the project’s unrealised loss on Solana is almost $1.13 billion.
Forward became one of dozens of companies that had previously had no connection to the crypto market but changed their profile in 2025 and began buying cryptocurrency. At that time, the company raised $1.65 billion with support from Galaxy Digital, Jump Crypto and Multicoin Capital and planned to raise another $4 billion.
By September last year, Solana reserves were being formed by eight companies from three countries. By that time, they had accumulated 6.5 million $SOL, worth $1.56 billion. According to CoinGecko data as of 5 June, Solana is being accumulated by 20 companies from 8 countries; their reserves contain almost 18.5 million $SOL, currently worth $1.22 billion.
Over the past 24 hours, Solana treasury reserves in dollar terms have decreased by 25.5%. This aggregator calculation includes both the decline in prices and the reduction of the reserves themselves, meaning possible sales.
See also: "Ethereum Has Lost All of Its 2025 Gains and Hit Its Lowest Level Since Last April"
