- Solana price posted eight consecutive red monthly candles for first time
- Key support between $76 and $78 remains critical for recovery
- Analysts compare current setup with cycle that preceded major rally
Solana price has entered a critical phase after recording eight consecutive red monthly candles for the first time in its history. The rare streak comes as SOL trades below a key support zone and faces weakening market participation.
Solana Price Records Historic Monthly Streak as Bears Dominate
Solana price is drawing attention after posting eight consecutive red monthly candles for the first time. Analyst Crypto Patel noted that this has never happened in Solana’s history. The development comes as the Solana price struggles below former support levels following a sharp market correction.
During the previous major bear market, Solana price fell from its 2021 peak near $260 to a low around $8. That decline included nine red monthly candles, although they were not consecutive. The final red candle marked the cycle bottom before SOL later reached a new all-time high near $295.
The current cycle presents a different structure. Solana price has declined from a high near $253 to a low around $67. The ninth monthly candle is now forming, creating comparisons with the previous market cycle.
Crypto Patel said the $80 to $50 range may become an important accumulation zone if weakness continues.
Solana Price Faces Pressure After Breaking Key Support Zone
Solana price recently broke below the important $76 to $78 support range. The level had acted as a major demand zone since February. After the breakdown, SOL dropped toward $72 before staging a modest rebound.
Technical indicators continue showing mixed signals. The daily RSI has entered oversold territory, reflecting heavy selling pressure. At the same time, bullish divergence remains visible, keeping recovery expectations alive.
On-chain and derivatives data suggest weakening market participation. Funding rates have recently turned negative, indicating a rise in bearish positioning among leveraged traders. Open interest has also fallen from more than $4 billion in May to roughly $3.2 billion.
The decline in open interest and trading activity points to lower market conviction. Analysts believe Solana price must reclaim the $76 to $78 range to improve the broader outlook.
If buyers fail to regain that area, the next major support sits near $67. A move below that level could expose Solana price to the low-$60 region. Meanwhile, some long-term analysts continue tracking historical patterns that could eventually support targets between $500 and $1,000 if the cycle repeats.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
