Solana (SOL) is currently priced at $118.44, reflecting a notable decline of 6.69% over the past 24 hours. The daily trading range has been 9.66%, with a high of $127.41 and a low of $117.75, indicating heightened volatility in recent trading sessions.

Volume stands at approximately $5.27 billion, representing 7.85% of its market cap, suggesting active trading but also a possible lack of buyer conviction given the price drop. The hourly moving averages are all trending downward, with the 8 SMA at $125.89 showing a decline of 5.92%, reinforcing a bearish short-term sentiment.

Momentum indicators like the 1-hour RSI at 12 indicate extreme oversold conditions, suggesting a potential for a short-term reversal but also highlighting the risk of continued selling pressure. The 7-day RSI at 39 further supports this bearish outlook, indicating that SOL may remain under pressure in the near term.

Over the past week, SOL has experienced a significant price change of -16.95%, with the 14-day and 30-day changes also reflecting downward trends of -14.32% and -3.18%, respectively. This sustained bearish performance, combined with the proximity to recent lows, suggests that investor sentiment is currently negative.

Despite the attractive valuation compared to its all-time high of $293.31, the current technical indicators and price action do not signal a strong buying opportunity at this moment. Given the ongoing downtrend and lack of bullish signals, a Sell rating is warranted until clearer signs of recovery emerge or the price stabilizes above key moving averages.