Solana Price Records Historic Eight Consecutive Monthly Declines

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

Explore Agentic TradingLet AI Trade for You

Historic Decline: Solana price has recorded eight consecutive monthly declines for the first time, indicating weakened market participation as it trades below the critical support range of $76 to $78, with risks of further decline towards $67 if recovery fails.
Market Structure Comparison: Analysts note that the current market cycle resembles previous bear markets, with Solana's price dropping from a 2021 peak of $260 to a low of $67; while the previous cycle had nine monthly declines, they were not consecutive, making this streak unprecedented.
Mixed Technical Signals: Although Solana trades below the $76 to $78 support zone, the daily RSI has entered oversold territory, reflecting heavy selling pressure, yet bullish divergence is also present, keeping recovery expectations alive amidst the bearish trend.
Declining Market Participation: On-chain and derivatives data suggest weakening market engagement, with funding rates turning negative, indicating increased bearish positioning among leveraged traders, and open interest has fallen from over $4 billion in May to approximately $3.2 billion, signaling reduced market conviction.

Get Real-Time Alerts for Any Crypto Movement

Monitor assets like SOL with instant alerts on price breakouts and whale movements. Don't let a 24/7 market leave you behind.

Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 9 technical signals, shows that 5 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	49.291	58.046	68.621	77.376	87.951	96.706	107.281
Fibonacci	58.046	65.43	69.992	77.376	84.76	89.322	96.706

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

Let AI Trade for You

Auto Trading Task on SOL?

Get Started Free