Solana Suffers Eighth Consecutive Monthly Loss
Solana's price has been on a downward trend for eight months straight, marking its longest losing streak since launch. The token's price has dropped from around $253 to near $67, with some analysts predicting that the current slide may be nearing an end.
The longest losing streak began in October when Solana's price was trading at $220, and it has since shed a significant amount of value, approximately $78 billion. The token's app revenue did top every chain in May, but this has not been enough to offset its declining market value.
Analysts have pointed out that the current slide echoes the 2021 cycle, where Solana's price dropped from around $260 to a low of $8. This decline produced nine red monthly candles, and analysts are now watching for any signs of a potential rebound.