Solana Slumps Eight Months Straight, Fails to Find Bottom

Solana has just recorded its eighth consecutive red monthly candle in May, marking the longest losing streak since its launch. This trend has seen SOL's price drop from roughly $253 to near $67.

The current downturn stretches back to October when the token changed hands for around $220, with Solana shedding approximately $78 billion in market value despite its network app revenue topping every chain in May.

Crypto analyst Crypto Patel notes that this pattern echoes the 2021 cycle, where SOL plummeted from near $260 to a low of around $8. That decline produced nine red monthly candles, though they did not run consecutively. The ninth marked the bottom, after which SOL climbed to a fresh record near $295.

Patel cautions that it remains early to call a turn and frames the $50 to $80 area as a possible accumulation zone. He even floated a move toward $500 to $1,000 in the next expansion if the fractal repeats.