Solana (SOL) is currently priced at $88.02, showing a 3.47% increase over the past 24 hours. The price action within this timeframe has seen a high of $88.89 and a low of $85.07, indicating a daily range of 3.82%, which suggests moderate volatility.

Trading volume stands at approximately $4.05 billion, translating to a volume-to-market cap ratio of 8.10%. The hourly moving averages indicate a bullish sentiment in the short term, with the 8 SMA at $87.31, the 13 SMA at $87.44, and the 21 SMA at $87.49, all trending upwards, while the 144 SMA at $91.69 indicates a potential resistance point.

The 1-hour RSI is neutral at 49, suggesting no immediate overbought or oversold conditions. However, the 7-day RSI at 43 signals that SOL is approaching oversold territory, which could be a precursor to a price rebound, especially given the recent sharp decline of 16.14% over the past week and a more significant drop of 30.43% over the last 14 days.

Despite the recent price downturn, the market appears to have stabilized in the short term, as indicated by the positive movement in shorter moving averages. However, the long-term trends remain bearish, with a significant 30-day price change of -36.29%, showing that SOL has struggled to maintain upward momentum.

Given the current price action and technical indicators, a cautious approach is warranted. The combination of recent negative trends, along with the potential for a rebound indicated by the RSI and short-term moving averages, suggests a Hold rating for SOL at this time. This allows for the possibility of capitalizing on potential upward movements while being mindful of the underlying bearish trend.