Solana's Plunge: Can $200 Hold or $175 Beckons?

Solana's price continued its downward trend on Thursday, with the cryptocurrency falling further from its recent highs. The coin, which had been one of the standout performers in the crypto market in recent months, has now lost significant ground, raising concerns among investors about its future prospects.

The price of Solana (SOL) fell to a weekly low of $190 on Thursday, and analysts are now predicting that it could soon reach a seasonal low of $175. This sharp decline has raised questions about whether the coin's fall can be averted, and whether the market has reached a turning point.

The bearish market sentiment that has been prevalent in the crypto market in recent weeks has taken a toll on Solana. The coin has struggled to maintain its threshold price level of $200, despite having a genuine market cap of $94 billion. This has raised concerns about the coin's ability to withstand further market pressures.

The latest price activity suggests that Solana is likely to fall much below $200 in the near future. The coin's price has already trickled down to $190, and analysts are predicting that it could fall even further if the bearish market sentiment continues.

Two prominent Solana metrics - Ichimoku Cloud and DMI - have not shown any significant signs of a turnaround in recent weeks. Instead, they have been gradually giving in to the bearish market trend, with bullish attempts becoming increasingly scarce. This has raised concerns about the coin's ability to recover from its recent losses.

The Ichimoku Cloud analysis of Solana's price action shows that the market has been gradually plummeting, with the price action below the threshold indicating that the downward notion is likely to continue. Any reinforcement of bullish movements has been promptly rejected by the market, suggesting that the bearish trend is likely to persist in the near term.

The analysis chart of the coin shows that the Senkou Span A, also known as the green line, is below the red line. This is a significant red flag in any chart analysis, as it indicates that the downward pressure in the market is imminent and likely to continue.

The market for Solana is now at a crossroads, with two possible outcomes. The coin could either ride up and cling to its resistance level of $200, or it could drop to a projected depreciation of $