Solana has recorded eight consecutive red monthly candles for the first time in its history and is now forming its ninth monthly candle, according to analyst Crypto Patel. SOL fell from a high near $253 to a low near $67 during the latest decline. Crypto Patel identified the $80 to $50 range as a potential accumulation zone if SOL extends lower, while More Crypto Online noted that a wedge breakout could signal a local bottom. The technical setup places Solana at a short-term decision point as the ninth monthly candle continues to form.
Solana Records Eight Consecutive Red Monthly Candles
Solana has printed eight straight red monthly candles for the first time in its history, according to a chart shared by Crypto Patel on X. The analyst said SOL is now forming its ninth monthly candle, a point he compared with the previous Solana bear cycle.
The chart shows SOL falling from a high near $253 to a low near $67 during the latest decline. The current monthly structure is marked inside a blue downward channel, with each red candle numbered from one to nine.
Crypto Patel said this is the first time Solana has recorded eight consecutive red monthly candles. He added that the ninth candle is still forming, so the setup needs a monthly close before any stronger signal appears.
The analyst compared the current structure with the 2021 cycle. After Solana reached its former high near $260 in November 2021, SOL later dropped to about $8. That earlier bear phase also had nine red monthly candles, according to Crypto Patel. However, those candles were not consecutive. He said the ninth red monthly candle marked the bottom near $8 before Solana later moved to a new high near $295.
The current chart shows a similar waiting phase, but the structure is not confirmed yet. Crypto Patel said the main accumulation range to watch sits between $80 and $50 if SOL extends lower. That zone matters because Solana is already trading near the lower part of the current decline. A deeper move into the range could test whether buyers start building a longer term base.
The analyst said a repeated fractal could later point toward a move into the $500 to $1,000 region over the next one to two years. However, that view depends on the current monthly candle and whether SOL forms a macro bottom instead of continuing lower.
For now, the chart shows Solana inside an extended monthly downtrend. The next signal depends on how the ninth monthly candle closes and whether buyers defend the $80 to $50 range.
Wedge Pattern Completion Suggests Potential Local Bottom
Solana may be close to forming a local low after completing a five wave decline inside a short term wedge, according to a chart shared by More Crypto Online on X. The analyst said Wave (5) now looks complete. He added that a break above the upper boundary of the wedge could give the first signal that SOL has formed a local bottom.
The chart shows SOL moving lower inside a narrowing wedge after failing to hold its May recovery. Price has been making lower highs and lower lows, which kept pressure on the short term structure.
The latest move pushed SOL toward the main range support area. That zone sits between $71.92 and $77.96, with the chart also marking $75.41 as another key level inside the range.
More Crypto Online marked the decline as a possible completed Wave (5). If that count holds, SOL may now need a breakout above the wedge to confirm that sellers are losing control.
The first upside area sits near $86.60, which lines up with the lower part of the red retracement box. Above that, the chart marks additional resistance near $88.71, $90.87, and $94.04.
A move through the wedge would not confirm a full trend reversal by itself. However, it could become the first sign that SOL has finished its local decline and started a corrective rebound.
If SOL fails to break above the wedge, the support zone remains in focus. A deeper move into the $71.92 to $77.96 area would test whether buyers can still defend the main range.
For now, the chart shows Solana at a short term decision point. The next signal depends on whether SOL breaks above the wedge or stays trapped below resistance.
FAQ
What is Solana's current monthly candle pattern?
Solana has recorded eight consecutive red monthly candles for the first time in its history and is now forming its ninth monthly candle, according to analyst Crypto Patel. SOL fell from a high near $253 to a low near $67 during the latest decline.
What price range does Crypto Patel identify as an accumulation zone for Solana?
Crypto Patel identified the $80 to $50 range as the main accumulation zone to watch if SOL extends lower. That zone matters because Solana is already trading near the lower part of the current decline.
What technical pattern does More Crypto Online see forming on Solana's chart?
More Crypto Online identified a completed five wave decline inside a short term wedge. The analyst said a break above the upper boundary of the wedge could give the first signal that SOL has formed a local bottom, with the support zone sitting between $71.92 and $77.96.
