Solana (SOL) has experienced a significant decline of 16.78% from its recent high of $264.36, currently hovering around the support level of $225. The cryptocurrency is trapped within a descending channel, indicating a persistent downtrend. The immediate demand zone is at $225, but if breached, SOL could drop further to $215.77. Key levels to watch are the 38.2% retracement level at $225.05 and the 50% retracement level at $232.56. SOL is currently trading below key EMAs and the Relative Strength Index suggests oversold conditions. The 200 EMA at $219 is another important support level. Buyers may attempt to recover by breaking above $232 and reaching the resistance zone at $235. Open Interest-Weighted Funding Rates have declined, indicating diminishing optimism among leveraged traders. The recent price decline resulted in a total liquidation of $15.37 million, with long liquidations accounting for the majority of losses. Short liquidations were relatively small, highlighting the dominance of bearish momentum in the market.



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