Solana's Price Plunges 17%: Bulls or Bears Ahead?

Solana's price has dipped by 17% over the past week, raising questions about the cryptocurrency's future trajectory. As of now, SOL is trading at $193.86, down 2.10% from the previous day. The cryptocurrency market has witnessed a bearish pullback this week, with top tokens breaking down their immediate support trend levels. Despite this, Solana has failed to reclaim the $200 mark.

The technical indicators for Solana show an increased bearish trend in the daily time frame. The Simple Moving Average (SMA) acts as a resistance to the SOL coin price chart, highlighting an increase in bearish action for the altcoin. On the other hand, the Relative Strength Index (RSI) indicator records a positive curve in the daily price chart, suggesting an increase in selling-over-buying pressure.

If the bulls regain momentum, the Solana price could retest its immediate resistance level of $200. Maintaining the price above that level could set the stage for this altcoin to head toward its upper resistance level of $210 in the coming time. Conversely, a sustained bearish action could result in the price of the Solana token plunging toward its crucial support level of $181.50. Further, if the bearish sentiment intensifies, this could pull the value of this altcoin toward a new multi-month low.

Important resistance and support levels for Solana are $209 and $181, respectively. The price of Solana has dropped by 1% in 24 hours with a trading volume of $4.301 billion. Moreover, it has slid 17.92% over the last seven days and ~2% in 30 days. With a Year-to-Date (YTD) return of -1.29%, it has secured the 05th position with a market cap of $93.201 billion.