- Solana struggles below $200, facing weak momentum and bearish indicators.
- Despite recent concerns, it could rebound if it breaks key resistance levels.
Solana (SOL) is facing tough times, struggling to stay above $200. Over the past 30 days, the price dropped by nearly 13%, leaving many wondering if the network can reclaim its previous momentum.
Bearish Signals Cloud the Outlook
Indicators like the Ichimoku Cloud and ADX point to a weak trend for SOL. The Ichimoku Cloud suggests a bearish outlook, with price trading below key levels. The conversion line sits below the baseline, signaling short-term weakness. The ahead cloud remains red, keeping sentiment negative.
The ADX, which measures trend strength, recently fell to 12.4, down from 22.3. Values below 20 signal a weak or fading trend. Solana’s downtrend shows signs of losing momentum, but it’s far from reversing.
Concerns Over Solana’s Ecosystem
Amid price struggles, the Solana network faces rising scrutiny, especially after the launch of the controversial LIBRA meme coin. This incident has sparked debates within the community. Some believe that scams in Solana’s ecosystem, such as those involving apps like Meteora and Pumpfun, are harming its reputation.
Gino Borri, a well-known artist, voiced his frustrations on X (formerly Twitter), accusing Solana apps of exploiting users. He called out Solana’s leadership for remaining silent while scams run rampant. According to Borri, these projects are draining value from users, fueling skepticism about Solana’s future.
In response, Mert Mumtaz, CEO of Helius, argued that the rise in scams is more a result of Solana’s rapid scale than any flaw in its design. He explained that larger ecosystems attract bad actors and that such issues are common across all major blockchain platforms.
Solana Path to Recovery
Despite these challenges, there’s hope for a recovery. If Solana can break the $209 resistance, the price could rise to $219 or even $244. However, SOL faces a significant test at the $187 support level. If it fails to hold, a further decline to $175 could be on the horizon.
For SOL to regain bullish momentum, it needs to reclaim key levels and show stronger momentum. A rise above the Ichimoku Cloud and a higher ADX could signal the start of a new trend.
Solana’s price struggles are fueled by weak indicators and community concerns. Whether SOL can recover depends on its ability to break above critical resistance levels and regain user trust. Until then, SOL remains vulnerable to further downturns.
