Solana (SOL) is facing heavy selling pressure as its price plunges over 12% this week, falling from a recent high near $200 to around $166.16. The sharp decline raises concerns about whether deeper corrections are on the way.
The $180 support zone, previously a pivot for bullish momentum, has now been breached. With this breakdown, the chart reflects a clear shift toward bearish market structure. If SOL fails to reclaim this level, the price may head toward the next major support area between $158 and $127.
Bearish technical indicators further confirm this outlook. The MACD has shown a strong bearish crossover, with its trendline now moving well below the signal line, alongside a rising red histogram. Moreover, the Stochastic RSI is near zero, signaling oversold conditions, but with low volume and weak bullish candles, a reversal seems unlikely in the short term.
Unless buyers step in quickly, Solana may retest the $127 zone, a level that previously served as a strong accumulation phase. For now, SOL remains vulnerable to further downside pressure.
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