Solana Price News: SOL Posts 9 Red Monthly Candles, Eyes $69 Reclaim

Solana Price Forecast: SOL Tests $69 After Rare Losing Streak

Solana (SOL) is changing hands at $73.96, up 2.14% on the day. The bounce follows a record nobody on the SOL chart wanted: nine straight red monthly candles.

Why has Solana printed 9 red monthly candles in a row?

Solana just closed its ninth consecutive losing month. It's the first time that's happened since the network launched.

The streak underlines just how heavy and prolonged the selling has been, even as the token tries to find its footing on lower timeframes.

There's a flicker of relief on the daily chart, though. Price is attempting to break out of a descending broadening wedge, the second such attempt since May.

What is the key level traders are watching now?

$69 is the number on every chart right now. It lines up with the 0.618 Fibonacci retracement, a level where sellers already tried, and failed, to flip it into resistance.

That failed flip, plus a shakeout beneath it, is the kind of price action chart watchers tend to read as a bullish tell.

A reclaim of $69 and consolidation above it is being floated as the best-case midterm scenario for bulls.

Ether bounced off a comparable support zone around the same time, adding some weight to the idea that sentiment across majors could be shifting.

What do Solana derivatives and options data show?

As per CoinGlass Solana Derivatives Futures Data, volume is up 37.55% to $11.46 billion. Open interest climbed 5.54% to $5.50 billion. Options open interest rose 11.03% to $66.32 billion.

The 24-hour long/short ratio sits close to even at 1.0153. On Binance, retail accounts skew more long, with a ratio of 2.269.

Liquidations tell a one-sided story for the day: $13.86 million in shorts got wiped out versus just $4.14 million in longs.

What does the options market say about Solana's max pain price?

For the June 30 expiry, max pain sits at $73.00, almost exactly where SOL is trading. Put open interest leads call open interest, 1,025 contracts to 722, putting the put/call ratio at 1.42.

Zoom into the daily numbers and the picture flips. Call volume is 105,690 against put volume of 79,050, a put/call ratio of 0.75. That points to more near-term bets stacking up on the bullish side.

Are money flows into Solana positive or negative right now?

SosoValue puts Solana's daily total net inflow at $5.52 million. A positive inflow means more capital is moving into SOL products than out of them, for now at least.

Solana price prediction: what's next for SOL?

The picture is mixed. Nine red monthly candles are not a small thing, and it keeps the longer-term trend on shaky ground.

But short-term structure tells a different story. Holding $69 keeps the door open for a midterm recovery scenario.

Losing it again could send SOL back down to retest lower support.

Nothing here is guaranteed either way. Solana's next few weeks of price action should make the picture a lot clearer.

Disclaimer

This article is for informational purposes only and should not be taken as financial or investment advice. Cryptocurrency markets are highly volatile and carry significant risk. Always do your own research and consult a licensed financial advisor before making any investment decisions.