Solana's price has sharply declined, dropping 41% since its all-time high of $295.83, now trading at $171.81. The altcoin broke below its ascending parallel channel, indicating bearish market dominance.
This bearish trend is supported by the Elder-Ray Index, which shows strong selling pressure as Solana eyes further price drops, potentially reaching $136 if buying pressure remains weak.
Despite the bleak outlook, a resurgence in demand could push SOL's price back to the ascending channel, aiming for $220.58.