Solana has hit a milestone — and a red one. For the first time in its history, SOL has posted eight consecutive losing months, putting the token at a pivotal moment that could foreshadow either continued weakness or the start of a major turnaround.
What happened
- Crypto analyst Crypto Patel flagged the streak: eight straight monthly red candles, with the ninth month still forming. That’s unprecedented for Solana.
- SOL has slid from roughly $253 to about $67 during this stretch.
Why it matters (historical context)
- Patel compares the current setup to the 2021–2022 bear market. Back then SOL fell from near $260 to around $8 and produced nine red monthly candles in total — though they were not all consecutive. The ninth red month coincided with the cycle bottom, after which SOL launched a powerful recovery and eventually hit a new all-time high near $295.
- Based on those parallels, Patel suggests a possible macro accumulation zone between $50 and $80. If history repeats in some form, SOL could target substantially higher levels in the next major bull cycle — potentially in the $500–$1,000 range — though he cautions it’s too early to be definitive.
Technical signals to watch
- Shorter-term technical work from Elliott Waves Academy on the 4-hour chart identifies an ending diagonal pattern — interpreted as wave 5 of a bearish impulse within a larger-degree decline. This structure often signals the final phase of a downtrend.
- A confirmed recovery would require a clean breakout above the diagonal’s upper boundary and a key resistance level; that would validate the start of an upward corrective wave. Initial targets are mapped from the length of the preceding wave, with the possibility of extended gains if price clears the prior wave peak.
- Supporting bullish elements noted include a clear five-wave impulse interpreted as wave (1)/(A), a reversal pattern forming near the diagonal’s lower boundary, and internal corrective moves consistent with a completed diagonal.
Bottom line
Solana’s eight-month losing streak is historically notable and echoes prior cycle dynamics that preceded a major rebound — but it’s not a guarantee. Traders should watch the formation of the ninth monthly candle, the diagonal’s upper boundary, and key breakout levels for confirmation of a trend reversal. Until those technical confirmations arrive, caution remains warranted.
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