Headline: Solana Makes History with Eight Straight Red Months — Analysts Spot a Possible Turning Point
Solana has just hit a rare milestone: eight consecutive red monthly candles — the first time the token has recorded such a streak since launch. The run of monthly losses puts SOL at a critical crossroads, but analysts say the setup may be echoing parts of the prior cycle that preceded a dramatic rebound.
Where SOL stands in the cycle
Crypto Patel highlighted the streak and compared it to Solana’s 2021–2022 bear market. Back then SOL plunged from near $260 to roughly $8 and produced nine red monthly candles in total (they were not consecutive). That ninth red month marked the cycle bottom before SOL began a powerful recovery that ultimately pushed the asset to a new all-time high near $295.
Today SOL has fallen from about $253 to $67 while printing eight straight monthly losses, and the ninth monthly candle is now forming. Patel warns it’s too early to call a repeat, but if history echoes itself the $50–$80 area could form a macro accumulation zone. In that scenario, a future expansion could see SOL pushing into the $500–$1,000 range during the next major bull run — although that outcome is speculative and contingent on many variables.
Technicals point to a near-term pivot
On shorter timeframes, Elliott Waves Academy has identified an ending diagonal pattern on the 4-hour chart — effectively the fifth wave of a bearish impulse nested inside a larger-degree downtrend. Ending diagonals often signal the conclusion of a move, so the structure suggests the immediate downward leg may be winding down.
Confirmation of a bullish reversal would require a clean breakout above the diagonal’s upper boundary and a key resistance level. If that breakout occurs, the analysis projects corrective targets based on the measured ratios from the prior waves. Supporting signals for a bullish corrective include a clear five-wave impulse labeled as wave (1)/(A), a reversal forming near the diagonal’s lower boundary, and internal corrective behavior consistent with a completed diagonal.
Takeaway
Solana’s eight-month losing streak is historic and worth watching, but it’s not definitive proof of a bottom. Both on-chain cycle comparisons and short-term Elliott Wave structure suggest the potential for a near-term pivot into a corrective rally — with $50–$80 flagged as a possible macro accumulation zone and upside scenarios ranging broadly into the hundreds if a full market recovery unfolds. As always, these technical narratives are probabilistic; traders should manage risk and avoid treating them as guaranteed outcomes.
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