Solana price analysis (Bearish) — 203.42 USDT (-3.48% 24h)

SOL is showing significant technical weakness with price ($203.42) trading below both the 20-day SMA ($210.44) and 50-day SMA ($213.28), indicating bearish momentum. The extremely oversold RSI reading of 18.29 suggests potential for a short-term bounce, but this could also indicate continued selling pressure. Volume remains substantial at $762M, showing active participation in the current move. The -3.48% 24-hour decline combined with elevated volatility (3.19%) points to nervous market sentiment. Traders should watch for a potential relief rally toward the $208-210 resistance zone, but any break below $200 could trigger further downside toward $195. Consider scaling into long positions only if RSI recovers above 30 with confirming volume. Risk management is crucial given the elevated volatility.