"This is the longest monthly losing streak in Solana's chart history," one analyst noted while watching SOL trade near $74.20 in late August. The token has now suffered 10 consecutive monthly red candles, each closing below its opening level, a brutal run that started from above $180 at the beginning of 2026. August offers a potential turning point, but only if Solana closes above its monthly open around $72.87.
The immediate technical setup looks tight. SOL is pressing against a descending trendline near $74.40, and a confirmed breakout would clear the path toward $77.40 and $79, where several recent monthly candles found temporary support before rolling over. Traders like TraderSZ are watching this level closely, knowing that liquidity near $79 sits just above current resistance. The catch: failure to hold support around $72 would keep the broader bearish structure intact, with $70 emerging as the next critical defense line. A monthly close below that zone could expose $60, and a deeper collapse would drag price back toward the late-2023 breakout region around $40-$50.
Ending the red-candle streak would improve short-term sentiment, but don't mistake it for a full reversal. Solana trades below both descending trendlines shown on the monthly chart, and those lines continue to slope lower. Sellers still control the longer-term trend. For buyers to truly regain ground, SOL needs to hold above $70, reclaim the $80-$85 zone, and then recover $100, which now stands as the key psychological resistance level. The first real test of strength would come at that $80-$85 cluster, a sustained break above which could open a move toward $100.
This analysis is informational only and not financial advice. Cryptocurrency markets carry significant risk, and past performance does not guarantee future results.
