Recently, the price of SOL surged to $210 but quickly dropped, and for the past two weeks, it has struggled to surpass the $200 mark. This difficulty may dampen investor confidence and could lead to further declines.

Are Solana Investors Feeling Nervous?

As of now, Solana's price sits at $190 and is still grappling with breaking the $200 resistance level. The failure to exceed $200, coupled with a decrease in Open Interest (OI), signals a decrease in investor enthusiasm.

In just two days, OI dropped from $3.14 billion to $2.88 billion, indicating a 15% decline. This suggests that traders are hesitant to take positive positions on SOL during this consolidation period.

Additionally, the decreasing funding rate suggests that traders are becoming more hesitant to take bullish positions. This rate is a key tool in perpetual futures contracts, helping keep the contract price close to the spot price of the asset.

Within 48 hours of unsuccessful attempts to breach the $200 resistance, the funding rate dropped to one of its lowest levels in two months, edging closer to negative territory.

As a result, without a resurgence in both Open Interest and the funding rate, Solana's price could enter a downtrend.

What's in Store for SOL Price?

At present, Solana is trading at $190, with bulls aiming to regain the 50-day Exponential Moving Average (EMA) support above the $181 level. However, even if another attempt is made to break the $200 barrier, SOL might dip to $168.

This indicates that SOL is stuck in a consolidation phase between $168 and $200 and is likely to continue moving sideways.

Despite these challenges, Solana remains a top pick among institutions. According to a CoinShares report on institutional net flow, Solana attracted around $25 million last month, outpacing all other altcoins, including Ethereum, as highlighted in the report.

In conclusion, Solana faces an uphill battle to break the $200 resistance level, with indicators suggesting a period of consolidation and possible downward pressure on its price. However, its appeal to institutional investors remains strong, providing a glimmer of hope amid the current challenges.