Solana (SOL) is currently approaching a pivotal moment after recording eight consecutive monthly red candles on its chart. As the ninth red candle begins to form, analysts are closely observing the $80 to $50 range, with price consolidation and signs of a potential reversal coming into focus. The recently compressed price structure also points to a possible local bottom in the near term.
Historic streak on the monthly chart
On X, chartist Crypto Patel highlighted that Solana has posted eight straight monthly red candles for the first time in its history. According to Patel, with the ninth candle currently unfolding, SOL’s current pattern bears some resemblance to its previous bearish cycle.
Crypto Patel emphasized that the current setup remains incomplete, noting that a more decisive signal will depend on how the ninth monthly candle closes.
The shared chart reveals that SOL has declined from around $253 to $67 over this sequence. The present monthly structure sits within a blue-marked downward channel, with each red candle numbered from one to nine. Patel pointed out that, although a total of nine monthly red candles also appeared in the previous bear cycle, they did not occur consecutively.
Looking back, Patel recalled that following Solana’s 2021 peak, the price fell from about $260 to $8. At that time, the ninth red candle coincided with the formation of a bottom, after which SOL rebounded sharply, eventually climbing as high as $295. This historical move keeps hopes alive for a similar fractal, but analysts stress that confirmation is still lacking at this stage.
The $80 to $50 range gains importance
In the event of continued downward movement, Patel sees the primary potential accumulation zone now between $80 and $50. With SOL already trading near the lower boundary of the recent decline, technical attention is strongly centered on this band.
A steeper pullback into this region could test whether buyers will be able to build a long-term base. Patel also mentioned that, if the same structure repeats, there could be scope for a robust move towards $500 to $1,000 over the next one or two years. However, this scenario hinges on the monthly candle’s closure and whether a macro bottom actually materializes.
Short-term wedge breakout under watch
Meanwhile, analysis from More Crypto Online suggests that on the four-hour chart, SOL may be close to finishing its five-wave decline inside a short-term wedge structure. If this fifth wave is complete and SOL breaks above the upper band of the wedge, it could serve as the first technical sign of a local bottom.
The chart shows that, after failing to hold the May rebound, SOL has made lower highs and lower lows within a tightening formation. This latest dip has driven the price toward the main support range, which lies between $71.92 and $77.96, with $75.41 additionally identified as an important interim level.
To the upside, the first notable resistance sits at $86.60, with further barriers at $88.71, $90.87, and $94.04. Breaking above the wedge alone, however, would not sufficiently confirm a full reversal of the downtrend. Still, such a move could be considered the first indication that the local sell-off has ended and that a corrective rally is underway.
If SOL fails to overcome wedge resistance, attention will likely shift back to the support areas. The ability of buyers to defend the $71.92 to $77.96 band could be crucial in determining the coin’s short-term direction.
