#cryptonews
Solana (SOL) has dropped 15% in the past week, currently trading at $193.62, as bearish sentiment grips the broader crypto market.
The Fear and Greed Index stands at 35 (“Fear”), reflecting investor uncertainty, while the crypto market cap holds at $3.12 trillion, with $125.13 billion in daily trading volume.
Meanwhile, XRP has dropped to $2.40 (-0.72%). With the Altcoin Season Index at 29/100, Bitcoin’s dominance remains strong, limiting altcoin recovery prospects.
Major cryptocurrencies are also struggling, with Bitcoin (BTC) slipping to $96,048 (-1.92%) and Ethereum (ETH) down to $2,605 (-5.61%).
The 50-day EMA at $206.68 continues to cap upward moves, reinforcing the bearish outlook. A descending triangle formation signals potential downside risk, especially if SOL fails to hold its double-bottom support at $187.
Despite regulatory optimism, Solana (SOL) remains in a downtrend, struggling below $203, a critical resistance level aligning with the descending trendline.
To shift sentiment, SOL must break and hold above $203, which could open the door for a rally toward $218 and $231. However, with weak momentum and market fear prevailing, the bearish scenario remains dominant unless SOL reclaims these levels.
A break below this level could accelerate declines to $176 and $162, both historically strong support zones.