Solana Breaks Year-Long Losing Streak With First Positive Monthly Close
Solana (SOL) has ended its prolonged monthly losing streak with its first green candle in nearly a year, signaling potential stabilization after months of weakness.
A Long Losing Streak Ends
Solana has reached a critical juncture after enduring an extended period of monthly declines. The asset has just closed its first positive monthly candle in nearly a year, breaking a frustrating streak that began shortly after September 2025. According to TradingView data, the monthly close settled in the vicinity of $103, representing a meaningful reversal after an extended run of red months that tested investor patience.
The backdrop to this recovery becomes clearer when examining how severely SOL had depreciated in the interim. The token had plummeted from valuations above $250 in late 2025 to levels near $60, erasing substantial wealth before bottoming out. August emerged as a crucial turning point, with SOL surging between 40 and 50 percent during the single month and successfully reclaiming the psychologically important $100 level, a threshold the asset had struggled to maintain throughout much of the preceding period.
Whale Returns to Market
The asset’s recovery appears to have piqued the interest of significant market participants. A major Solana holder, identified by blockchain analytics firm Lookonchain as wallet 6ESYXA, has returned to active participation after remaining dormant for roughly eight months. The whale executed a substantial purchase of approximately 76,856 SOL tokens valued near $8 million, acquired from derivatives trading platform Hyperliquid. This marked the wallet’s first meaningful transaction following its extended hibernation.
The reentry of this large holder comes amid a broader uptick in whale-level transactions involving SOL, though such activity carries inherent ambiguity. While significant purchases could reflect renewed confidence from deep-pocketed investors, major holders often accumulate positions for tactical trading rather than long-term conviction, making it difficult to draw firm conclusions about broader market sentiment from whale moves alone.
Derivatives Dominance and Volatility Ahead
Current price dynamics present a nuanced picture as SOL consolidates recent gains. The token trades near $102.47, down approximately 1.28 percent over the latest 24-hour span despite August’s impressive rally. September began with characteristic volatility, recording a 1.15 percent gain on August 31st following a 3.54 percent decline the previous trading day.
Market microstructure data reveals a critical feature of current positioning: derivatives activity vastly outpaces spot trading. Over the past day, SOL generated roughly $7.82 billion in futures trading volume against just $738.76 million in spot volume—a dramatic divergence indicating that leveraged traders dominate price discovery mechanisms. Open interest stands near $6.64 billion, suggesting substantial positions remain in play, while SOL’s market capitalization hovers around $59.82 billion.
This outsized derivatives concentration introduces meaningful volatility risk. Should leveraged traders unwind positions in coordinated fashion, SOL could experience pronounced directional moves, potentially testing whether the recovery can hold above recent support levels. Buyers have yet to establish a decisive move higher, leaving the asset’s trajectory dependent on how these concentrated positions evolve.
Solana’s emergence from its extended downturn carries significance for the broader crypto market, as the asset’s stabilization often signals shifts in momentum affecting the wider ecosystem.
Source: TradingView, via U.Today. Not financial advice.