Solana Battles 10-Month Losing Streak as Bearish Signals Mount
Solana's native token SOL is struggling to break a 10-month losing streak, which has raised concerns among analysts. The cryptocurrency has shed around 10% over the past month and is currently trading near $73, below its late-2024 peak above $180.
The monthly chart shows 10 consecutive red candles, the longest such sequence in SOL's history, according to analyst Nebraskangooner. To break this pattern, SOL would need to close the month above its opening price of approximately $72.87.
Technical indicators are bearish, with SOL falling below both its 100-day and 200-day simple moving averages. However, on-chain metrics suggest underlying network resilience, including rising application fees and increasing revenue from Solana applications.
Analysts warn that a sustained move above the descending trendline near $74.40 could open a path toward liquidity concentrated near $79, but failure to hold immediate support could deepen losses and reinforce the existing downtrend.