Solana (SOL) has been experiencing a tumultuous period, trading at the lower boundary of its ascending channel since the beginning of May. The cryptocurrency's value has been on a rollercoaster ride, rising to $184 on May 20 before embarking on a downward trajectory. This decline has sparked concerns among investors, who are now bracing themselves for a potential bearish trend.

The 20-day exponential moving average, a crucial indicator of a token's average price over the past 20 days, is poised to be breached. If SOL's price falls below this critical level, it may signal a shift from a bullish to a bearish trend. This scenario is further substantiated by the moving average convergence divergence (MACD) data, which suggests a momentum shift towards a bearish trend.

Futures trading in Solana has also witnessed a decline in open positions, indicating a decrease in market participants' enthusiasm for the cryptocurrency. This reduction in open positions may be a harbinger of a bearish trend, as investors become increasingly risk-averse. However, despite this decline, futures investors are still taking long positions in SOL, which could lead to an increase in buying pressure and push the asset's price towards $172.41.

Experts warn that if SOL's price breaches the $163 support level, it could further plummet to $157.99. This potential decline has sparked concerns among investors, who are now closely monitoring the cryptocurrency's price fluctuations. Solana's daily trading volume on decentralized exchanges has also decreased, indicating a decline in market activity.

In conclusion, Solana's price plummet has sparked concerns among investors, who are now bracing themselves for a potential bearish trend. The cryptocurrency's failure to maintain momentum has led to a decline in market activity, and investors are now closely monitoring the situation. While some experts predict a further decline in SOL's price, others believe that the positive funding rate on cryptocurrency exchanges could lead to an increase in buying pressure and push the asset's price towards $172.41. Only time will tell how this situation unfolds.