Solana (SOL) has closed eight consecutive red monthly candles for the first time, leaving the token stranded between deeper losses and a historic rebound.
Key Points:
- Solana posted its eighth straight red monthly candle in May, the longest losing streak since launch.
- SOL has slid from roughly $253 to near $67, with a ninth monthly candle now forming.
- Analysts flag the $50 to $80 zone as a possible accumulation range echoing the 2021 cycle.
Solana Logs Eight Red Months
A chart analyst highlighted the streak in a recent post on X, calling it the first such run since the network went live.
SOL traded near $79 this week.
Each red candle now sits inside a marked downward channel numbered one through nine, with the ninth candle still taking shape. The pattern points to a grinding monthly downtrend rather than one sharp drop.
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Solana Pattern Echoes 2021 Cycle
Drawing on the last bear market, Crypto Patel recalled Solana's plunge from its 2021 peak near $260 to a low around $8.
That decline produced nine red monthly candles, though they did not run back to back. The ninth marked the bottom, after which SOL climbed to a fresh record near $295.
Patel cautioned that it remains early to call a turn. He framed the $50 to $80 area as a possible accumulation zone, and floated a move toward $500 to $1,000 in the next expansion if the fractal repeats.
Solana Eyes A Possible Rebound
A cluster of short liquidations rests between $83 and $87, a band that could spark a quick rally if buyers force a squeeze.
The $80 to $82 range has already drawn demand in recent weeks. Traders now watch $68.02 as the level that keeps the bullish case intact, since a close below it would unwind the constructive structure.
Solana's slide stretches back to October, when SOL changed hands near $220. The token has since shed roughly $78 billion in market value, even as the network's app revenue topped every chain in May.
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