Solana Logs Eight Consecutive Red Months: Will It Mark the Bottom?
Solana's (SOL) slide continues as it records its eighth consecutive red monthly candle, marking a historic low for the token. Since launch, Solana has never experienced such a prolonged losing streak, with the current streak dating back to October when SOL traded near $220.
According to Crypto Patel, analysts flag the $50 to $80 zone as a possible accumulation range, echoing the 2021 cycle where Solana's price plummeted from its peak near $260 to a low around $8. The ninth monthly candle is now forming, and if the pattern repeats, Patel floated a move towards $500 to $1,000 in the next expansion.
A cluster of short liquidations rests between $83 and $87, which could spark a quick rally if buyers force a squeeze. Traders are watching the level of $68.02 as it keeps the bullish case intact, with a close below it unwinding the constructive structure.