- Solana (SOL) has fallen more than 6% in the last 24 hours.
- The altcoin slipped below $200 as macroeconomic headwinds intensified.
- That brings this week’s losses to 13%, with Solana now trading near support around $190.
While cryptocurrencies struggle to hold onto recent gains, Solana’s price dropped about 6% over the past day.
These losses pushed the altcoin below the psychologically important $200 level, erasing much of the early-month rally when SOL climbed to nearly $240.
The sharp decline adds to a grinding week in which SOL has lost more than 13% overall.
As the chart below shows, Solana’s price is oscillating and retreating toward a key support zone as bulls give back earlier gains.
A broader risk-off mood—catalyzed by renewed trade tensions between the US and China—has weighed on top coins across the market.
Bitcoin has retreated toward roughly $110,000, while Ethereum is testing the $4,000 area.
Is SOL primed to retest $150?
SOL is reflecting wider financial market sentiment.
A positive resolution of trade tensions could act as a catalyst to restore confidence and halt the sell-off.
For now, weakness in SOL is evident. The token is testing the $190 support on the daily chart—a zone that has held in recent sessions but remains fragile.
A decisive break below this level could trigger further downside, initiating a retest of $170—the low from last week after SOL fell from $222.
If selling pressure intensifies, even that buffer could fail, exposing the token to a deeper slide toward $150.
Technical indicators such as the daily RSI and MACD currently favor bears, increasing the risk of further losses.
Solana price chart from TradingView
What could help Solana bulls?
There are some signs that sentiment could improve.
The Crypto Fear and Greed Index has moved from “extreme fear” to a milder “fear” after cautious remarks from US Federal Reserve Chair Jerome Powell.
Powell’s comments suggested the possibility of two more rate cuts this year—an outlook that is broadly positive for risk assets, including cryptocurrencies.
Lower interest rates could reduce borrowing costs, stimulate economic activity, and direct fresh liquidity into digital assets.
Historically, the fourth quarter has been the strongest period for cryptocurrencies—a seasonal tailwind that could help cushion SOL’s downtrend, particularly if global trade tensions ease.
Optimism is also being amplified by growing anticipation of potential approval for spot exchange-traded funds (ETFs).
Many expect such approvals to unlock institutional inflows worth billions, which would underscore Solana’s maturing market structure and provide a more stable supply-demand backdrop for prices.
A sustained break above $200 would likely negate the prevailing bearish outlook.
If that occurs, bullish momentum could carry SOL toward resistance zones around $280 and $300.