Solana’s price continues to face challenges as it struggles to break through the $270 resistance level. Its current trading position below $210 indicates a vulnerability to losing crucial support.
The decrease in new addresses reflects a waning investor interest, which crucially impacts Solana's market standing. As new investor participation falters, the influx of fresh capital reduces, complicating potential recovery paths for the cryptocurrency.
Market weakness is mirrored in the Chaikin Money Flow, which remains below the zero line, suggesting increased capital outflow dominance. This further exacerbates Solana's downturn potential.
Currently holding at $204, Solana’s critical $201 support level could dictate its upcoming price movements. A breach below this threshold might lead to further declines to $183 absent a broader market shift. Conversely, maintaining or reclaiming higher levels could signal a rebound opportunity toward $221, albeit against a backdrop of bearish outlooks.