Solana price is showing signs of weakness as clouds return to its short-term outlook, with the token drifting closer to a key support level. Currently trading at $181, Solana has shed over 6% in the past 24 hours and is down more than 17% for the week.
After rallying above $220 just over a week ago, the token has tumbled on successive sessions of selling, reversing the momentum built up at the start of the month. This sharp decline comes as bearish momentum strengthens on the charts. Solana (SOL) began its current slide after failing to reclaim the $210 threshold, with back-to-back red daily candles marking growing pressure from sellers.
Technical signals point to a market unable to absorb recent high-volume liquidations, forcing the token down to test lower support levels. Solana’s retreat is part of a broader downturn in the crypto market, mirroring losses seen across top altcoins and following renewed weakness in Bitcoin and Ethereum.
The parallel drawdown echoes last week’s major Friday selloff, which wiped more than 20% off Solana’s market value in hours and brought the token as low as $168. For now, bears are firmly in control as Solana price hovers at these critical levels. With volatility still high and no clear catalyst for a reversal, the question remains: can the current support hold, or is a deeper drop imminent?
### Technical Signals Hint at Further Downside as Solana Tests Key Support
Looking ahead, technical indicators suggest caution. SOL’s Relative Strength Index (RSI) is near oversold territory, printing around 39 on the daily chart. This signals weakening momentum and the risk of further downside if selling persists.
Additionally, the 20-day and 100-day moving averages are converging, with the price now sitting just above the longer-term 200-day average. If Solana breaks below $180, the next support lies near $168—the crash low from last week—and potentially $150 if the broader market continues to unwind.
A bullish reversal would require a sustained defense of the $180 level, followed by a decisive move back above the 100-day moving average to rebuild confidence. Positive triggers could come from renewed corporate accumulation or an upswing in optimism around anticipated Solana-based ETF launches.
Both institutional accumulation and regulatory progress have historically triggered sharp recoveries in Solana’s price. Without these drivers, however, the risk of further losses remains high.
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