Solana (SOL) is currently trading at $98.16, reflecting a significant 24-hour decline of 6.17%. The price has fluctuated between a daily high of $106.04 and a low of $96.60, with a daily trading range of 9.44%, indicating heightened volatility.

The volume of $7.7 billion represents 13.85% of the market cap, suggesting strong trading activity despite the downward price movement. The short-term hourly RSI at 23 indicates oversold conditions, while the 7-day RSI at 36 signals potential bearish momentum as it remains below the neutral threshold of 40.

Moving averages are also showing bearish signals, with the 8 SMA at $101.82 down 3.59% and the 21 SMA at $103.67 down 5.31%. The longer-term SMAs reflect an even steeper decline, with the 55 SMA at $109.22 down 10.12% and the 144 SMA down 16.41%, reinforcing the current downward trend.

Over the past week, SOL has experienced a price drop of nearly 19.86%, and the 14-day and 30-day changes are even more pronounced at -26.66% and -25.80%, respectively. This consistent downtrend suggests a lack of bullish momentum and investor confidence in the near term.

In terms of long-term potential, SOL remains significantly below its all-time high of $293.31, reached in January 2025. While the fundamentals of the Solana network remain strong, the current technical indicators paint a picture of short-term bearishness.

Given the current market conditions, technical indicators, and recent price action, a Hold rating is warranted for Solana (SOL). Investors should monitor for signs of reversal or stabilization before considering new positions, as the potential for further downside remains high.