Key TakeawaysSolana trades around $79.50, confined within a $76-$90 range lasting multiple monthsNetwork participants have decreased from 3 million to under 2 million; decentralized exchange activity and Open Interest decliningShort liquidation concentration between $83–$87 presents potential for rapid upward movement if reachedMarket analyst Crypto Patel highlights unprecedented occurrence: SOL’s first-ever streak of 8 straight red monthly candles — echoing 2021 bear market dynamicsCritical support level established at $68.02; violation of this threshold would negate existing bullish technical setupSolana’s downward trajectory has persisted for months, with blockchain metrics increasingly confirming this bearish momentum. The digital asset currently hovers near $79.50, locked within a trading channel that’s remained intact since the beginning of the year.Solana (SOL) PriceNetwork participation on Solana has experienced consistent decline from approximately 3 million users at the start of 2025 to roughly 1.9 million presently. This represents a significant contraction in actual platform engagement.Decentralized exchange activity has similarly plummeted from earlier 2025 highs. Multi-billion dollar daily transaction volumes have evaporated, with no indication of reversal in this downtrend.Blockchain Metrics and Futures Market Show WeaknessSolana derivatives Open Interest has contracted from peaks approaching $3 billion to approximately $2.1 billion currently. Market participants are unwinding positions and reducing leveraged exposure.The peculiar element is that funding rates maintain positive territory. This indicates traders continue holding bullish sentiment despite deteriorating fundamental indicators.From a chart analysis perspective, trader Man of Bitcoin is monitoring a compression pattern developing on the four-hour timeframe. SOL is being squeezed between converging descending and ascending trendlines, with a breakout appearing imminent. His critical level: $68.02. A drop beneath this price point would invalidate the current bullish technical framework.$SOL: The price is getting squeezed between both trendlines. A break out is imminent.Key level to keep the ABC roadmap to the upside intact is at $68,02. pic.twitter.com/x9hupg6Uil— Man of Bitcoin (@Manofbitcoin) May 31, 2026Should SOL breach upward, initial resistance emerges around $98, with subsequent objectives at $110.54, $120.47, and $126.95.Market observer CryptoCurb published a long-term weekly analysis depicting Solana constructing an extensive consolidation foundation spanning 2024 through 2026. His price objective reaches $1,000, though the formation requires validation above the current range ceiling.Analyst Identifies Never-Before-Seen Monthly FormationCrypto analyst Crypto Patel shared comprehensive analysis on X, identifying a phenomenon unprecedented in Solana‘s trading history: 8 consecutive bearish monthly candles.$SOL Just Made History And It's Worth Paying Attention To ( Must Read )For The First Time In Solana's Existence, #SOL Has Printed 8 Consecutive Red Monthly Candles.That Has Never Happened Before. Let That Sink In.1️⃣ A Look Back → The 2021 CycleAfter Solana Topped At Its… pic.twitter.com/1IKuqT7gf5— Crypto Patel (@CryptoPatel) June 2, 2026He referenced the 2021 bear market, when Solana plummeted from $260 down to $8. That drawdown also generated 9 red monthly candles — though not in succession. The 9th candle signaled the bottom, after which SOL rallied to establish a fresh all-time peak near $295 throughout the subsequent two-year period.Patel notes the 9th monthly candle is currently developing, and he’s monitoring the $80–$50 range as a probable accumulation territory. Should the previous cycle’s pattern replicate, he forecasts SOL could aim for a new all-time high between $500 and $1,000 within the next one to two years.On shorter timeframes, liquidation information from Coinglass reveals concentrated short positions stacked between $83 and $87. If SOL advances into this territory, forced liquidations could accelerate price appreciation rapidly.Primary downside level remains $76. Primary upside catalyst exists at the $83–$87 short liquidation cluster.The post Solana (SOL) Makes History With Unprecedented 8-Month Losing Streak appeared first on Blockonomi.