Solana Price Plummets to $190 as Selling Pressure Mounts

Solana (SOL) Price Drops Toward $190 Amid Rising Selling Pressure

Solana (SOL) price has struggled to maintain levels above $200, with its market cap now sitting at $94 billion. The latest price action shows that SOL faced strong resistance near $200 and has since declined to the $190 range in the last few days. Technical indicators such as the Ichimoku Cloud and DMI suggest that sellers remain in control, with growing bearish momentum and weakening bullish attempts. As SOL approaches key support levels, the question now is whether it will stabilize and attempt a rebound or continue its decline toward lower price targets.

The Ichimoku Cloud chart for Solana currently displays bearish characteristics. Price action remains below the cloud, indicating persistent downward momentum. The red cloud suggests that bearish sentiment has been dominant, and the attempted movement toward the cloud was quickly rejected, reinforcing the prevailing trend. Additionally, the Tenkan-sen (blue line) is positioned beneath the Kijun-sen (red line), signaling ongoing weakness in the price structure. The downward slope of both lines further supports the notion that momentum favors the sellers rather than the buyers.

The projected portion of the cloud remains bearish, with the Senkou Span A (green line) below the Senkou Span B (red line), suggesting that downward pressure is likely to persist. The Chikou Span (green lagging line) is also positioned below the past SOL price action, confirming that the market structure continues to favor a bearish outlook.

Solana DMI chart shows that its ADX is currently at 20.8, rising from 12.7 just two days ago. This increase suggests that trend strength is starting to build after a period of relatively low momentum. While ADX alone does not indicate the direction of the trend, its upward movement signals that a more defined price movement is developing. The shift from a weaker to a stronger trend suggests that recent market activity is becoming more directional, which could lead to a continuation of the prevailing trend.

The ADX measures trend strength on a scale where values below 20 indicate a weak or indecisive market, while values above 25 suggest a strong and established trend. With ADX currently at 20.8 and rising, the market is approaching a level where price action becomes more directional. Alongside this