Solana Logs Eight Consecutive Red Monthly Candles
Solana (SOL) has entered uncharted territory by logging eight consecutive red monthly candles for the first time since its launch. This prolonged losing streak has seen SOL's price plummet from around $253 to near $67, with a ninth monthly candle now taking shape.
Analysts have flagged the $50 to $80 zone as a possible accumulation range, echoing the 2021 cycle. According to chart analyst Crypto Patel, Solana's plunge from its 2021 peak near $260 to a low around $8 produced nine red monthly candles, but 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 and framed the $50 to $80 area as a possible accumulation zone. He also floated a move toward $500 to $1,000 in the next expansion if the fractal repeats.