Solana's Eight-Week Losing Streak Sparks Rebound Hopes

Solana has posted its longest losing streak since launch, with eight consecutive red monthly candles in May. The token's price has plummeted from around $253 to near $67, leaving analysts searching for a rebound.

A chart analyst highlighted the streak on social media platform X, noting that it marks the first time Solana has experienced such a run since its inception. Each red candle now sits inside a downward channel marked one through nine, with the ninth still forming.

Drawing on the last bear market, Crypto Patel recalled Solana's plunge from its 2021 peak near $260 to a low around $8. That decline produced nine red monthly candles, though they did not run back to back. The ninth marked the bottom, after which SOL climbed to a fresh record near $295.

Patel cautioned that it remains early to call a turn and floated a move toward $500 to $1,000 in the next expansion if the fractal repeats. A cluster of short liquidations rests between $83 and $87, a band that could spark a quick rally if buyers force a squeeze.