Solana (SOL) has faced a sharp drop in price, shedding 6.5% recently, which signals an increasingly bearish trend for the altcoin. The drop has caught the attention of traders and investors, raising concerns about the stability of Solana’s market position. With a series of technical indicators suggesting further downside, many are wondering if bulls can step in to prevent a major breakdown.

Solana Price Overview: Bearish Momentum Builds

Currently priced at $184.60, Solana is experiencing significant losses. The cryptocurrency has been struggling in the market, showing a -4.61% loss, making it one of the top losers in the market today. Over the past 24 hours, SOL’s price has fallen by 5.71%, with its trading volume soaring to $2.791 billion. However, despite the increased trading volume, Solana has suffered a 9.96% drop over the past week and a 22.35% decrease in the last 30 days.

This ongoing downtrend has resulted in a market capitalization of $89.55 billion and a market dominance of 2.8%. Given the current market conditions, many are concerned that the bearish momentum could continue, leading to further losses for the token.

Technical Analysis: Key Levels to Watch

Solana’s chart paints a concerning picture. The Moving Average Convergence Divergence (MACD) is showing consistent red histograms, which signals a growing bearish sentiment in the market. This, coupled with a negative crossover between the 50-day and 200-day exponential moving averages (EMAs), adds to the negative outlook for SOL. Such a pattern suggests that the token could face further selling pressure in the near future.

The daily time frame confirms an increase in selling pressure over buying, which indicates that SOL may continue its downward trajectory unless bullish momentum emerges soon.

Crucial Support and Resistance Levels

Solana’s price is currently hovering near critical support levels. The immediate support level sits around $181. If SOL manages to hold above this level, there is a possibility of a price bounce, with the token aiming to retest resistance at $200. Should bullish momentum intensify, SOL could even challenge the higher resistance level at $210 this month.

However, if the bearish sentiment prevails, Solana’s price could fall further, potentially testing the lower support level at $155 in the coming weeks. The battle between the bulls and bears will determine whether SOL can hold above this critical support or if a deeper correction is inevitable.

Will Solana’s Price Rebound or Continue to Decline?

As Solana faces increasing bearish pressure, the question remains whether it can maintain its position and recover. A lot depends on the market’s response to key support levels and whether bulls can defend them effectively. If the price manages to stay above $181, there may still be hope for a rebound, especially if the broader market sentiment turns more favorable.

For now, the outlook for Solana remains uncertain. The key levels to watch are $181 for support and $200–$210 for resistance. If SOL breaks below $181, the bearish trend could intensify, bringing $155 into play.

Conclusion: What’s Next for Solana?

With Solana’s recent price action showing significant bearish pressure, traders and investors should stay alert to price movements and watch for any signs of a reversal. If the bulls can defend key support levels, a price recovery is possible. However, if the bears maintain control, SOL may continue to face downward pressure, testing lower support levels.