Solana (SOL) has seen a decline in value since reaching its all-time high of $295.83 on January 19th, now trading at $226, signaling a 23% decrease.

With market bears taking charge, SOL is facing heightened selling pressure and decreasing demand.

The surge in demand for the Solana-based meme coin TRUMP played a significant role in pushing SOL to its peak. However, with the fading interest in TRUMP and the emergence of the MELANIA meme coin following Donald Trump's inauguration on January 20, activity on the Solana network has dwindled, impacting SOL’s performance.

Currently priced at $226, SOL has experienced a 9% drop in the last 24 hours, falling below its 20-day Exponential Moving Average (EMA), indicating a weakening momentum.

The breakdown of SOL’s Moving Average Convergence Divergence (MACD) further supports the bearish sentiment, hinting at a potential sustained price decline.

If the selling pressure persists, SOL’s price could dip below $210 to reach $202.73, according to the Fibonacci Retracement tool. However, a surge in demand could reverse this bearish trend, potentially leading SOL to reclaim its previous all-time high.