Solana (SOL) Price Plummets Under $80, Eighth Consecutive Month of Decline

Solana's (SOL) price has continued to decline, marking a historic eighth consecutive month of losses. The token has fallen under $80, a critical support level that was previously thought to be secure. According to blockchain analytics, weekly decentralized exchange transaction volume on Solana contracted by 82% in late May, reaching a low of $18.8 billion.

The decline is not limited to SOL; the broader cryptocurrency market has also experienced significant losses. Bitcoin exchange-traded funds saw net withdrawals of $1.42 billion during the week concluding May 29, marking eleven consecutive trading sessions with selling pressure.

Technical analysts are now watching the $70 level closely as a potential downside objective for SOL. CryptoBullet, a well-known technical strategist, anticipates that SOL may decline toward the $50 price zone by July if current bearish momentum persists. However, it's worth noting that SOL has maintained gains of 149.62% over a five-year horizon.