San Francisco, California – Solana, a popular cryptocurrency, experienced a significant drop in price over the last week, falling by nearly 10%. Despite bullish metrics, indicators pointed to a bearish trend in the market. The downward pressure on Solana’s price was part of a broader decline in the cryptocurrency market.

Investors faced losses as Solana’s price struggled, trading at $144.39 with a market capitalization exceeding $66 billion. However, hope emerged as a buy signal flashed on Solana’s TD sequential near the $141 mark. This signal, coupled with the token holding a support level, indicated a potential recovery from the previous week’s losses.

Analysis of Solana’s fear and greed index revealed that market sentiment was in a “fear” phase at 37%, hinting at a possible bullish momentum. Despite bearish market indicators such as the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) showing declines, there was optimism about a price increase in the near future.

Further examination of on-chain metrics suggested that a trend reversal could lead to Solana dropping to $139 in the event of a continued downtrend. Conversely, breaking above $145 was identified as a crucial level for Solana to avoid a sharp rise in liquidation, which could trigger short-term price corrections.

Overall, the cryptocurrency market remained uncertain, with investors closely monitoring Solana’s performance for potential opportunities in the evolving market landscape. Investors are advised to stay informed and exercise caution in navigating the volatile cryptocurrency market.