Solana's Eight-Month Losing Streak Leaves Room for Rebound

Solana has reached an unprecedented milestone by posting eight consecutive red monthly candles, its longest losing streak since launch. This trend began in October when SOL changed hands near $220 and continued through May with a close of approximately $67.

The downturn has resulted in Solana shedding roughly $78 billion in market value, despite the network's app revenue topping every chain in May. Analysts have flagged the $50 to $80 zone as a possible accumulation range, echoing the 2021 cycle where SOL declined from its peak near $260 to a low around $8.

Crypto Patel recalled this previous bear market and noted that the ninth monthly candle has yet to be formed, leaving room for a potential rebound. A cluster of short liquidations rests between $83 and $87, which could spark a quick rally if buyers force a squeeze.