Solana (SOL) Price Rally Fails to Reach Key Resistance

Solana (SOL) has experienced a significant price drop, with eight consecutive red monthly candles marking its worst streak in history. The cryptocurrency is currently trading around $64.85 after bouncing from the $60 region, representing a 5% gain in 24 hours.

The bigger picture shows that SOL has printed eight straight red monthly candles, down more than 80% from its all-time high. The monthly RSI is now more oversold than during the 2022 FTX collapse, marking a historically stretched move to the downside.

Analysts are closely watching key resistance levels at $70-$76 and institutions are increasingly backing Solana for DeFi and stablecoins infrastructure. According to Solstice CEO Ben Nadareski, Solana leads in developer activity, low transaction costs, and DeFi infrastructure.