Solana price analysis (Bearish) — 176.04 USDT (-6.08% 24h)

Solana (SOL) is showing concerning technical signals as it trades at $176.04, down over 6% in the past 24 hours. The RSI reading of 26.27 indicates severely oversold conditions, typically suggesting potential for a short-term bounce. However, the price has broken below both the 20-day SMA ($182.92) and 50-day SMA ($184.81), confirming the bearish momentum. Trading volume remains substantial at $576 million, indicating active participation in this downturn. The 3.98% volatility reading suggests continued price swings ahead. For traders, this presents a classic dilemma – the oversold RSI suggests potential for relief rallies, but the breakdown below key moving averages warns of further downside. Conservative traders should wait for a confirmed reversal pattern before entering long positions, while aggressive traders might consider scaling into positions with tight stop losses below $170. The $180 level now becomes critical resistance to watch for any recovery attempts.