Solana (SOL) has experienced a significant decline in price over the past week, dropping almost 10%. This has resulted in long liquidations in the SOL futures market, with $64 million in long positions being wiped out. This indicates bearish sentiment and suggests that further losses may be faced by Solana long traders. The decline in price has also led to reduced activity in the derivatives market, as reflected in the low open interest of $3.34 billion. The Awesome Oscillator confirms the bearish bias, indicating weaker short-term momentum. If selling activity continues, SOL's price may break below the support level of $231.54 and fall to $205.56, but if buying pressure increases, it could climb back towards its all-time high of $264.63.



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