Solana Stumbles: Eight Consecutive Red Months Mark Longest Losing Streak Since Launch

Solana's price has been on a losing streak for months, and it just reached a new milestone. The token has posted eight consecutive red monthly candles for the first time in its history, with each month showing a decline in value.

The downward trend began in October when Solana traded at around $220, and since then, it has lost about 78% of its market value, dropping to near $67. This price drop marks the longest losing streak for the token since its launch.

A chart analyst pointed out this unusual pattern on social media platform X, calling it a 'grinding monthly downtrend' rather than one sharp drop.

Analyst Crypto Patel drew parallels with Solana's 2021 price drop from around $260 to a low of $8, which also produced nine red monthly candles. However, he cautioned that it is still early to call a turn in the market and noted that the token could potentially rebound if buyers force a squeeze.

The accumulation range between $50 and $80 could be crucial for Solana's future price movement. If the fractal repeats itself, Patel floated a possible move towards $500 to $1,000 in the next expansion.