It’s Time to Keep an Eye on Solana Before It Mirrors 2024 Again

crypthub

about 2 hours ago

Market Context

Crypto analyst Crypto Patel notes Solana has printed eight consecutive red monthly candles, a first in its history. He says this rarity merits attention and compares it to the 2021 bear cycle. In 2021 SOL fell from a $260 ATH to an $8 bottom after nine red months, not all consecutive. The recovery later pushed SOL to a new ATH near $295. Patel suggests the current eight‑candle run may be an even stronger signal.

Historical Pattern

The current run started from $253 down to $67, with a ninth red candle forming. Patel warns the month’s close will confirm the pattern, as historically the ninth red month marked the bottom. He points to an $80‑$50 range as a possible accumulation zone if prices dip further. Replicating the 2021 fractal could set the stage for a rally toward $500‑$1,000.

Future Outlook

Analyst Jack Adams expects SOL to retest $67‑$58 before bouncing to $120‑$175 later this year. He notes the decline should be swift, based on SOL/BTC and ETH charts. The key monthly zone around $70 matches previous wicks and rejections. At writing, SOL trades near $70, down more than 5% in 24 hours.