The cryptocurrency market experienced a significant drop today, with Bitcoin falling below the $67,000 mark. Following Bitcoin's lead, other major altcoins also saw a similar downward trend in their prices.

Solana's token, in particular, displayed a notable bearish curve on its chart in the past 24 hours, indicating an ongoing correction in the overall cryptocurrency market.

Solana's Price Fluctuations

After a period of neutral movement, the SOL price gained momentum and broke through a resistance level, leading to a substantial price jump of over 75% within twelve days. However, the market lost steam, causing the Solana token to correct by about 19%. Currently, the SOL coin is struggling to break out of a closed trading range between $179.30 and $200.

The recent correction has caused Solana's price to drop by approximately 9% in the past day, nearing its support level. Additionally, over the last week, the altcoin has lost around 5% of its value, reflecting a lack of strong bullish momentum in the crypto market.

Market Analysis for SOL

The Moving Average Convergence Divergence (MACD) indicates an increase in selling pressure in the crypto market, as shown by the rising red histogram and declining averages. Meanwhile, the Cross EMA 50/200-day suggests a neutral price movement, signifying uncertainty in the price action for Solana this week.

Future Price Movement

The key support level of $180 will be crucial for Solana's price in the near term. If the bulls can maintain the price above this level, they may attempt to retest the resistance at $200. Furthermore, sustained bullish momentum could push the price towards the upper resistance level of $220 in the coming month.

On the other hand, if the bulls falter, the SOL price could test the $180 support level. Continued bearish pressure may cause the price to drop further and test the lower support level of $156.75 in the following weeks.