Crypto
Solana Records Eight Consecutive Red Monthly Candles Amid Historic Decline
Solana has experienced its longest losing streak since launch, logging eight consecutive red monthly candles in May. This marks a historic low for the token, which has slid from approximately $253 to near $67.
Analysts are flagging the $50 to $80 zone as a possible accumulation range, echoing the 2021 cycle. A chart analyst highlighted the streak, calling it the first such run since the network went live.
The token's slide stretches back to October, when SOL changed hands near $220. Solana has since shed roughly $78 billion in market value, even as the network's app revenue topped every chain in May.