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Solana Records Eight Consecutive Months of Decline for the First Time as Traders Watch the $80 Support Level
Solana has completed eight consecutive months of negative performance for the first time in its history. As of June 1, 2026, SOL was trading around $81 despite on-chain metrics remaining at levels that would have been considered highly bullish just a year ago.
Key Takeaways
- Solana closed its eighth consecutive red monthly candle in May 2026, marking the longest losing streak in SOL's history.
- SOL is trading near $81 after losing approximately $78 billion in market capitalization from its October 2025 peak, when it exceeded $120 billion.
- On June 1, 2026, the Solana network processed 75.71 million daily transactions and maintained $5.4 billion in Total Value Locked (TVL) across DeFi applications.
Eight Consecutive Months in the Red
Crypto influencer Ash Crypto highlighted the milestone on June 1.
“This is incredible. SOL has just closed eight consecutive red monthly candles for the first time in history.”
The losing streak spans from October 2025 through May 2026.
SOL peaked in the $220–230 range during October 2025, while its market capitalization exceeded $120 billion.
Today, the asset trades near $81 with a market capitalization of approximately $47 billion, representing a decline of roughly $78 billion from its peak valuation.
At the beginning of 2026, SOL opened the year around $138 and later fell to a low near $68 in April before staging a partial recovery.
Overall, the asset remains approximately 38–42% below its January opening price.
What Is Driving the Weakness?
Several factors have pressured SOL during the first half of 2026.
Macroeconomic conditions remain challenging. The U.S. Federal Reserve has maintained a restrictive policy stance, while capital outflows from risk assets have weighed on speculative markets.
Meme coin activity, which served as a major growth engine for Solana throughout 2024 and early 2025, has cooled significantly. Retail speculative trading volumes have declined across the board.
From a technical perspective, SOL has repeatedly faced rejection within the $85–90 resistance zone.
Some traders believe a breakdown below current support levels could open the door to a move toward $70.
Network Metrics Tell a Different Story
Despite the decline in price, Solana's underlying network continues to demonstrate strong usage.
As of June 1, Solana's DeFi ecosystem held $5.31 billion in Total Value Locked, down only 1.4% over the previous 24 hours.
The network processed 75.71 million transactions during the same period, while daily active addresses reached 1.64 million.
Stablecoin market capitalization on Solana currently stands at $14.659 billion.
Developers continue working on Firedancer and Alpenglow, two major upgrades designed to improve transaction finality and network throughput.
Non-vote transaction volumes have remained near record highs throughout recent quarters.
Bullish Scenario Around $81
Optimistic market participants view June's newly opened monthly candle as a potential turning point.
Strong demand has emerged within the $80–82 range over recent weeks.
Analysts' price targets include:
- A short-term recovery toward $85–88;
- A move to $120–150 or higher by late 2026 if macroeconomic conditions improve.
Potential catalysts include:
- Increased institutional participation;
- Continued ETF inflows;
- Expansion of tokenized real-world asset (RWA) activity on Solana.
To date, eight U.S.-listed Solana-related ETFs have collectively attracted approximately $1.13 billion in net inflows.
Key Risks Ahead
Investors continue to monitor several critical risks:
- Persistent resistance between $85 and $90;
- Any further slowdown in ETF inflows;
- A breakdown below the crucial $80 support zone.
If that support fails, selling pressure could accelerate and potentially push the asset toward $70.
For now, SOL stands at a crossroads: eight months of uninterrupted price declines contrast sharply with a network that continues to process massive transaction volumes and maintain strong user activity.
See also: "Bitcoin Falls Below $71,000 as U.S.-Iran Talks Collapse"
