Solana's price has dipped below the critical $200 mark, mirroring the broader market downturn following Bitcoin's drop under $100,000.

The decrease in demand is evident with over $365 million flowing out of SOL's spot markets over the last three days.

In correlation with Bitcoin, SOL is facing increased selling pressure as traders respond to BTC's weakness. Since Bitcoin's fall below $100,000 on February 1st, SOL spot traders have been reducing their exposure to the altcoin.

The steady outflows from SOL's spot markets indicate a bearish sentiment towards the asset as traders are selling or withdrawing more than buying.

Moreover, the long/short ratio for SOL on Monday morning sits below one at 0.93, further confirming the bearish sentiment among traders.

With the CMF at the zero line, indicating strong selling pressure, SOL's price could potentially dip to $187.71 if the current trend persists. However, a surge in demand could see the price rise to $229.03, negating the bearish projection.