Solana struggled to stay above the $200 mark against the US Dollar due to network congestion and FTX's discounted asset sales. The coin faced strong resistance twice in three weeks, showing significant seller activity. The daily chart reveals a double top pattern, while the price dropped by 13% to $178 amidst the market sell-off.

The current bearish trend pushed Solana's price below the $163 support level, raising concerns of further decline to $120 in case of a successful break. However, a bounce back from $163 could indicate a shift towards sideways movement and weaken the bearish outlook.

Coingabbar predicts Solana's price to reach $700 by 2030 and $1500 by 2040. Considering the current scenario, the resistance levels to watch are $185-$192, with support levels at $168-$160.

Please note that Coingabbar's analysis is purely for informational purposes and not financial advice. Users should do their research, assess risks, and consult professionals before investing in cryptocurrencies, NFTs, or any decentralized assets. Volatility is inherent in these markets, and financial losses may occur.