Solana Enters Uncharted Territory with Eight Consecutive Red Months

Solana has made history by closing eight consecutive red monthly candles, a streak that has never been seen before in the cryptocurrency's history. Despite this prolonged period of decline, the network continues to operate at scale, processing 75.71 million transactions and holding $5.4B in DeFi TVL on June 1, 2026.

The price of SOL has fallen significantly, from a peak above $120 billion in October 2025 to its current value near $81. This represents a decline of approximately $78 billion in market capitalization. The asset's January opening price was around $138, and it hit a low of about $68 in April before partially recovering.

Several factors have contributed to the weakness in SOL, including restrictive Federal Reserve policy and reduced speculative activity. Additionally, the lack of meme coin tailwinds has further weighed on the asset's performance. Traders are watching for potential support levels at around $80, with a breakdown below this zone potentially pushing prices toward $70.

Despite these challenges, some analysts see an opportunity for recovery in SOL. They point to recent demand in the $80-$82 range and potential catalysts such as institutional interest and ETF inflows. Longer-term price targets include a near-term recovery toward $85-$88 and more optimistic scenarios eyeing $120-$150 or higher later in 2026.