Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) have fallen between 15% and 20% over the past week, pushing sentiment deeper into fear territory.

Bitcoin Flashes Rare Oversold Signal

Crypto analyst Lark Davis noted on June 4 that Bitcoin’s daily RSI dropped to 17, one of the most oversold readings in the past decade and a level previously seen during the March 2020 COVID crash and February 2026 selloff.

On-chain data also shows Bitcoin trading at one of its largest historical discounts relative to gold.

Analysts are closely watching key support levels near $62,000 and $58,600, the Bitcoin Power Law support level.

Ethereum Remains Under Pressure

Ethereum also reached one of its most oversold levels in years, with its daily RSI falling to 17 after breaking below its February crash low.

Speaking on the Unchained podcast, Mike Dudas, founder of 6th Man Ventures, said he holds no Ethereum exposure because the network lacks a clear investment narrative.

According to Dudas, ETH stakeholders continue to promote competing visions of the network, ranging from digital money and institutional settlement infrastructure to a decentralized “world computer.”

He argued that the lack of alignment has made ETH difficult for investors to value over the long term.

Solana Has The Better Story, But Needs Results

Dudas said Solana has done a better job connecting token value to network activity and maintaining a clear strategic direction.

According to Dudas, SOL activity and fee generation peaked in early 2025 and meme coin trading drove much of that growth. The ecosystem has yet to replace that activity with more durable demand.

While he remains optimistic on Solana’s long-term prospects, Dudas said investors need proof that new growth areas, including perpetual futures trading, can generate meaningful economic activity.

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