Solana(SOL) May Struggle to Stay Above $200 as Bears Tighten Grip

Solana (SOL) has been grappling with a persistent price decline over the past few weeks amid the pullback in the broader cryptocurrency market. It currently trades at $218.76, noting an 8% price drop over the past seven days.

Amid ongoing selloffs and low buying interest, SOL faces mounting pressure that could push its price below the critical $200 threshold in the near term. This analysis explains why this may be possible.
Solana Sees Spike in Bearish Pressure
On a daily chart, Solana’s price has been moving within a descending channel since November 23. This channel is formed when an asset’s price moves between two parallel downward-sloping trendlines, indicating a bearish trend. It suggests that the price is experiencing lower highs and lower lows, reflecting sustained selling pressure.

yikes, solana's having a rough ride! hope it bounces back soon. maybe time for a little hodl and chill? 🤞💸