Will Solana (SOL) Continue Its Downward Trend?

Solana Suffers Losses, Eyes Recovery

Solana (SOL) has fallen over 2%, trading at $190, amid an overall bearish crypto market. The cryptocurrency has witnessed liquidations worth $20.30 million in the past 24 hours.

Following a bearish trend, SOL has dropped below the $195 threshold, reflecting selling pressure. With a market capitalization of $92 billion, Solana currently trades at $190.26.

Opening the day at $194.36, SOL reached a high of $195.36 before falling to a low of $182.32.

The MACD (Moving Average Convergence Divergence) line and signal line are below the zero line, indicating a bearish trend. The Chaikin Money Flow (CMF) indicator at -0.18 suggests a negative money flow, with selling pressure outweighing buying.

If the downtrend continues, SOL may test support at $186.32. A potential breakout above $194.21 could lead to gains towards $200.

The daily relative strength index (RSI) at 34.47 indicates an oversold asset and negative sentiment. The short-term 9-day MA remains below the long-term 21-day MA, further highlighting the bearish trend.

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