Solana's 8 Consecutive Red Candles Raise Fears of Another Bear Cycle

Crypto analyst Crypto Patel has sounded the alarm about Solana's recent price performance, highlighting that it has printed 8 consecutive red monthly candles.

This development has raised concerns among investors, as it bears similarities to the 2021 bear cycle. During this period, SOL crashed from its all-time high of $260 in November 2021 to a low of $8.

Patel noted that while the current setup appears different and arguably stronger than its predecessor, market participants need to wait for this month's close before confirming anything.

If the fractal repeats itself, Patel predicts that SOL could rally to a new ATH between $500 and $1,000. However, if Solana follows the previous pattern, it may be heading towards a potential macro accumulation zone around the $80 to $50 range.