Solana (SOL) has been experiencing considerable pressure as its price struggles to stay above $200, now declining toward the $190 range. After facing strong resistance around the $200 mark, Solana’s market cap is now sitting at around $94 billion, and the recent downtrend has raised concerns about the potential for further price declines. With increasing selling pressure, technical indicators such as the Ichimoku Cloud and the Directional Movement Index (DMI) suggest that the bearish momentum could continue, highlighting the risks of further losses if certain key levels are breached.

The Ichimoku Cloud, a popular tool used for identifying market trends and momentum, shows that Solana is currently in a strong bearish setup. The price action remains below the cloud, which indicates sustained downward pressure. The cloud is marked by a red hue, reinforcing the prevailing bearish sentiment. Additionally, the Tenkan-sen (blue line) remains beneath the Kijun-sen (red line), signaling ongoing weakness in the price structure. This setup has historically indicated that the market sentiment is skewed to the downside, and the recent attempt to move toward the cloud was quickly rejected, further confirming that sellers are firmly in control.

The Ichimoku Cloud’s projected portion remains bearish, as the Senkou Span A (green line) is positioned below the Senkou Span B (red line). This suggests that downward pressure is likely to persist in the short term. Furthermore, the Chikou Span (green lagging line), which tracks past price action, remains below the current SOL price, indicating that the market structure continues to favor a bearish outlook. These indicators combined paint a picture of an unfavorable market environment for Solana, with little indication of an immediate reversal.

Along with the Ichimoku Cloud, the DMI chart also supports the bearish case for Solana. The Average Directional Index (ADX) has recently increased from 12.7 to 20.8, signaling that the trend’s strength is gaining traction. The ADX measures the strength of a trend, and a rise in this indicator suggests that the market is starting to exhibit more directional movement. While the ADX does not specify whether the trend is bullish or bearish, its increase signals that the market is becoming more defined, and in this case, the growing strength of the bearish trend seems to be winning out.

Moreover, the DMI chart shows that the +DI (bullish strength) has fallen from 17.9 to 11.6, while the -DI (bearish strength) has risen from 20.4 to 25.3. This shift confirms that bearish momentum is building, with sellers taking control of the market. The fact that the -DI is now well above the +DI further suggests that the downward trend will likely continue unless buyers can intervene. If this trend continues and the ADX surpasses the crucial 25 threshold, it would solidify the bearish trend, making it increasingly difficult for buyers to regain momentum.

Solana’s price now faces a critical support level at $187. If the price falls below this level, it could pave the way for a further decline toward $175, reinforcing the ongoing downtrend. On the other hand, if the $187 level holds and buyers step in to provide support, Solana may stabilize and attempt a rebound. For this to happen, SOL would need to break above the $200 resistance level, which has proven challenging in recent days.

Should Solana be able to reclaim the $200 level, the next major resistance target would be $209, followed by $220. However, if the bearish trend persists and SOL fails to hold $187, further declines toward $175 could be in the cards. The price action around these key levels will determine whether Solana’s downtrend continues or if a potential reversal toward higher prices is on the horizon.

In conclusion, Solana is facing increasing bearish pressure, with technical indicators suggesting that the market sentiment is skewed to the downside. The key support level at $187 will be critical in determining Solana’s next move. If it holds, a rebound could be possible, but a break below this level could lead to further declines. Investors should monitor these key levels closely to gauge the direction of Solana’s price in the near future.