Solana price analysis (Bearish) — 183.40 USDT (-16.41% 24h)

Solana (SOL) is experiencing significant technical pressure as price trades at $183.40, down over 16% in the past 24 hours. The current RSI reading of 18.47 indicates severely oversold conditions, typically suggesting potential for a short-term bounce. However, SOL remains below both its 20-day SMA ($197.89) and 50-day SMA ($211.67), confirming the bearish trend structure. The substantial trading volume of $2.34 billion suggests strong institutional interest at these levels, though direction remains contested. For traders, this presents a high-risk, high-reward scenario. Aggressive traders might consider scaling into long positions with tight stops below $175, targeting a relief rally toward the $195-200 resistance zone. Conservative traders should wait for confirmation of a bottoming pattern or a break back above the 20-day SMA before entering. Given the extreme RSI and elevated volatility of 4.38%, position sizing should be reduced to account for potential continued downside.