Solana (SOL) is currently priced at $116.81, reflecting a significant 24-hour decline of 6.84%. The price has oscillated between a high of $125.56 and a low of $115.56 over the past day, indicating a daily trading range of 10%.

Trading volume has reached approximately $6.03 billion, constituting 9.11% of the market capitalization. The significant volume suggests heightened trading activity, potentially indicating either panic selling or profit-taking among traders.

Technical indicators reveal that short-term moving averages (8 SMA at $121.21, 13 SMA at $122.01) are trending lower, with losses ranging from 3.63% to 4.26%. The longer moving averages (21 SMA at $122.99, 55 SMA at $124.90, and 144 SMA at $124.92) confirm this bearish momentum, with declines between 5.02% and 6.49%.

The Relative Strength Index (RSI) indicates oversold conditions, with the 1-hour RSI at 22, suggesting that SOL is under considerable selling pressure. Conversely, the 7-day RSI at 42 implies that there may be room for recovery; however, the asset remains in a bearish trend, as indicated by the 7-day, 14-day, and 30-day price changes of -9.52%, -17.54%, and -6.09%, respectively.

Historically, Solana's all-time high stands at $293.31, reached on January 19, 2025, which indicates a considerable distance from the current price. This long-term perspective highlights the potential for recovery, but current trends suggest that the asset is facing significant short-term challenges.

Given the recent price action, bearish indicators, and the fact that SOL is trading below key moving averages, the recommendation is to Hold. This position allows traders to avoid further losses while monitoring for signs of stabilization or recovery in the market.