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▲ Solana (SOL)/ChatGPT Generated Image
Solana (SOL) recorded its first-ever 8 consecutive monthly bearish candles, making the defense of the $80 support level a key variable in the June market.
According to cryptocurrency media outlet Bitcoin.com on June 1 (local time), Solana recorded 8 consecutive monthly bearish candles from October 2025 to May 2026. Cryptocurrency influencer Ash Crypto stated on X (formerly Twitter) on June 1, “Unbelievable. Solana has closed 8 consecutive monthly bearish candles for the first time in history.”
Solana rose to around $220-$230 in October 2025, and its market capitalization at the time exceeded $120 billion. However, as of June 1, Solana was trading around $81, and its market capitalization had shrunk to approximately $47 billion. The decrease in market capitalization from its peak amounted to about $78 billion. Entering 2026, it started around $138 in January, then fell to around $68 in April, and despite some recovery, it remained about 38% to 42% lower than the beginning of the year.
The bearish backdrop was characterized by a tight macroeconomic environment and a contraction in speculative demand. Bitcoin.com explained that the Federal Reserve's restrictive policy stance and risk-averse trends put pressure on speculative assets across the board. Memecoin activity, which had provided strong tailwinds for the Solana network in early 2024 and 2025, also cooled significantly, and individual investors' speculative trading volume generally decreased. Technically, it was repeatedly rejected in the $85-$90 range, and some investors believe that if the current support level breaks, the price could fall to $70.
In contrast to the price slump, network metrics still maintained high usage. As of June 1, the total value locked (TVL) in Solana's DeFi ecosystem was $5.31 billion, a 1.4% decrease over 24 hours. During the same period, the network processed 75.71 million transactions, and daily active addresses reached 1.64 million. The market capitalization of Solana-based stablecoins was recorded at $14.659 billion. On the development front, work continues on Firedancer and Alpenglow, which aim for faster finality and improved throughput.
Bullish proponents view the new monthly candle in June as a potential turning point. Bitcoin.com reported that demand has been observed in the $80-$82 range in recent weeks. Some analysts set short-term recovery targets at $85-$88 and cited optimistic scenarios looking towards $120-$150 or more in late 2026 if macroeconomic conditions improve. Institutional interest, ETF-related inflows, and the growth of Solana-based real-world asset tokenization were also mentioned as potential catalysts. According to SoSo Value data, 8 ETFs traded in the U.S. have recorded a cumulative net inflow of approximately $1.13 billion to date.
Bitcoin.com pointed out that if Solana continues to fail to break through the $85-$90 resistance, or if ETF inflows slow down, or if the $80 support level breaks, selling pressure could accelerate to $70. Currently, Solana stands at a crossroads where 8 months of price decline clash with its high transaction processing capabilities.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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