Solana (SOL) is currently trading at $84.70, showing a 24-hour increase of 4.47%, suggesting a short-term bullish sentiment. The daily trading range has been significant, with a high of $89.40 and a low of $81.03, indicating volatility that traders may capitalize on.

The volume traded in the last 24 hours stands at approximately $7.98 billion, accounting for 16.60% of the market cap, which signals healthy trading activity and interest in SOL. However, despite the short-term uptick, the 7-day and 14-day price changes reveal considerable downward momentum, with losses of 27.34% and 33.30%, respectively.

Technical indicators show bearish pressure as all short-term Simple Moving Averages (SMA) are below the current price, with the 8 SMA at $87.63, indicating a resistance level. The Relative Strength Index (RSI) readings are concerning, with a 1-hour RSI at 41, suggesting a potential oversold condition, but the 7-day RSI at 43 signals continued weakness in momentum.

Given that the price is still significantly below its all-time high of $293.31, there is room for recovery, yet the lack of strong upward momentum from both the RSI and moving averages raises caution. The overall trend over the past month has shown a decline of 37.02%, which aligns with bearish sentiment in the broader market.

Considering the current data, the recommendation is to Hold. While the recent price action shows a slight recovery, the overall bearish trend and weak momentum indicators suggest that entering new positions may be premature until clearer signs of a reversal or sustained upward movement are observed.