#SOL# Solana price analysis

SOL price has ben in a strong bearish trend after peaking at $295.28 in January 19. It formed a double-top-like chart pattern at $263, and whose neckline was at $169, its lowest swing on January 13. It has already dropped below that neckline, a sign that bears have prevailed.

Solana has also formed a death cross pattern, which happens when the 200-day and 50-day Weighted Moving Average cross each other. The Percentage Price Oscillator have moved downwards.

Therefore, the outlook for the SOL price is bearish, with the next point to watch being at $110, the lowest swing in August last year. This target is about 30% below the current level. A break above the $200 level will invalidate the bearish outlook
This crash has happened as the ecosystem faces major challenges amid the meme coin price weakness. The total market cap of all SOL meme coins has moved from $25 billion in January to $9.8 billion. Most highly popular tokens like Dogwifhat, Official Trump, and Pudgy Penguins have shed billions in value.
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