Solana (SOL) is encountering significant resistance as it fails to maintain its bullish momentum, with the price plummeting nearly 17% from recent highs above $220. Despite multiple attempts to breach key resistance levels, Solana's price action remains concerning as it threatens to plunge below multi-month support thresholds.
This bearish trend has raised alarms among investors and analysts regarding future price movements. The persistent failure to break out has left Solana in a precarious position, making a drop below $170 a real possibility. The situation calls for cautious monitoring as bearish technical indicators dominate the narrative.