Solana (SOL) has entered deep oversold territory with its monthly Relative Strength Index (RSI) dropping to 38.84, below the signal line at 48.86. The decline follows months of volatility and steep price declines that pushed the cryptocurrency to trade between $60 and $95 throughout 2026, down from levels above $200. Market expert Ash Crypto noted that this RSI reading is lower than the levels recorded during the FTX collapse in 2022, when SOL fell to approximately $8, despite current prices being significantly higher.
Solana RSI Drops Below FTX Collapse Levels
According to a price chart shared by market expert Ash Crypto, Solana's monthly RSI has dropped to 38.84, below the signal line sitting near 48.86. The analyst noted that the altcoin has reached oversold levels more extreme than those recorded when FTX collapsed into bankruptcy in 2022 and SOL fell to a low near $8.
The fact that the RSI is now lower despite the price being significantly higher than the 2022 $8 bottom indicates that the momentum decline in this cycle has been unusually severe. From a technical standpoint, prolonged oversold readings on the monthly RSI can signal seller exhaustion. However, oversold conditions can persist for extended periods, as a low RSI alone does not confirm that a cryptocurrency has reached its bottom.
After Solana dropped to the $8 bottom in 2022, the cryptocurrency eventually rallied to over $270 in 2025, representing a 3,000% recovery.
Solana Records Eight Consecutive Red Monthly Candles
Ash Crypto stated in his analysis that Solana's price has fallen to a three-year low of $60 after plunging more than 80% from its 2025 all-time high. The analyst noted that the cryptocurrency has posted eight consecutive red monthly candles for the first time in its history, highlighting the depth of its bearish trend.
At the moment, there is no signal on SOL's chart that definitively confirms a bottom or an imminent price reversal. Solana remains firmly in bearish territory, which means its RSI can stay oversold longer than expected.
Analyst Questions Whether Price Floor Has Been Reached
Given the uncertainty around Solana's future price direction, Ash Crypto is questioning whether the altcoin has finally found a price floor. If a bottom has been reached, it would imply that most traders who wanted out have likely exited the market, leaving only holders who are committed to Solana long-term.
On the flip side, if a price floor has not been reached, it suggests that SOL still has room for further downside, potentially pushing the cryptocurrency below its current level near $60. Solana currently trades near $60 after the extended decline.
FAQ
What is Solana's current RSI reading?
Solana's monthly Relative Strength Index (RSI) has dropped to 38.84, below the signal line at 48.86, according to market expert Ash Crypto.
How does Solana's current RSI compare to the FTX collapse period?
Solana's current RSI reading of 38.84 is lower than the levels recorded during the FTX collapse in 2022, when SOL fell to approximately $8, despite current prices being significantly higher near $60.
How many consecutive red monthly candles has Solana recorded?
Solana has posted eight consecutive red monthly candles for the first time in its history, after falling more than 80% from its 2025 all-time high.
