Solana (SOL) is currently priced at $108.80, reflecting a significant 24-hour decline of approximately 6.89%. The daily trading range of 10.5% indicates volatility, with the asset hitting a high of $118.61 and a low of $108.11 within the same period, suggesting potential for further price movement.

Volume stands at over $6.91 billion, with a volume-to-market cap ratio of 11.24%, indicating active trading and investor interest despite the recent downturn. The moving averages indicate a bearish trend, with the 8, 13, and 21 SMAs all showing declines of around 7% from current prices, while the longer-term 144 SMA is down 10.71%, suggesting downward pressure in the short to medium term.

Technical indicators reveal an oversold condition, particularly with the 1-hour RSI at 20, signaling potential for a short-term rebound. However, the 7-day RSI of 41 suggests that the asset is still in a weak momentum phase, and the recent price changes of -14.13%, -24.37%, and -12.67% over 7, 14, and 30 days respectively indicate a broader bearish sentiment.

Given the substantial distance from the all-time high of $293.31, it’s clear that Solana has not only faced selling pressure but is also struggling to regain bullish momentum. With the current technical indicators showing oversold conditions but no significant signs of reversal yet, caution is warranted.

Considering the bearish trends, ongoing selling pressure, and lack of bullish reversal signals, a Hold rating is recommended. Investors should monitor for signs of stabilization or a reversal in sentiment before considering a Buy, as current conditions favor further declines in the near term.