Solana (SOL) has dropped below the critical $75–$77 support zone, triggering a wave of bearish technical signals that point toward lower targets of $53, $35, and even $27. The breakdown is compounded by on-chain data from Glassnode revealing thin demand beneath this level, while the asset simultaneously logged its worst run ever — eight consecutive monthly red candles.
Analyst Ali Charts highlighted Solana’s UTXO Realized Price Distribution (URPD) data, which shows a major concentration of investor holdings between $77 and $83. Clusters of realized supply at $82.60, $85.55, and $79.65 reinforce this historical support area. However, the URPD metric indicates very little buying activity below $77, meaning there are few immediate price floors if the token stays under it. “As long as price remains above $77, the largest group of holders stays near breakeven or in profit,” the analyst noted, but once that level gave way, the next significant interest zones appear at $53.10, $35.40, and $23.60.
The technical outlook darkened further after SOL fell to around $73.77 on the weekly chart, slipping beneath the $75.33–$75.36 support area. Trader EllioTrades posted a chart projecting a bearish continuation toward the $27–$28 zone, marking nearby resistance at $83–$95. Reclaiming $75–$77 is now a prerequisite to invalidate the downside setup.
Compounding the unease, Solana has closed an unprecedented eight consecutive monthly candles in the red — a streak never witnessed before in its history, even during prior bear markets. Trader Crypto Patel recalled that after SOL’s 2021 all-time high near $260, the token fell to about $8, producing nine red monthly candles (though not consecutive). The current streak, however, is unbroken and started from a recent high around $253, plunging as low as $67. The ninth candle in the previous cycle marked the bottom, so traders are closely watching whether this month’s close repeats that pattern or extends the pain.
Amid the price weakness, network activity paints a more nuanced picture. Research firm Messari reported that gacha applications on Solana generated $146.6 million in spending volume during May, representing roughly 64% of the total market. Combined gacha volume across tracked chains reached $230.1 million, with Polygon a distant second at $58.8 million. The Solana team called it a “gacha supercycle,” emphasizing resilient user engagement despite bearish price action.
Market views remain divided. Some traders see the $80–$50 range as a potential accumulation zone if historical patterns repeat, while others caution that consecutive red months do not guarantee a bottom. The current monthly candle’s close is expected to set the near-term tone for SOL.
