Solana's hype has been dwindling, and its price has been on a downward spiral, currently trading at $138.39. Despite a minor 1% recovery in the last 24 hours, the altcoin faces an uphill battle to maintain its top 5 position in the market. Solana's price has struggled to reach its all-time high of $260.06, achieved three years ago, and its recent peak of $202 in March seems like a distant memory.

The declining network activity and decreasing trading volume, down 14% in the last 24 hours, indicate waning investor interest. Solana faces stiff competition from other layer 1 blockchains like Aptos, which is gaining traction, and layer 2 blockchains like Ethereum, which are upgrading and offering faster and cheaper transactions. This competition may push Solana's price further down, with analysts predicting a potential drop to $116 or even $102.

Technical indicators like the Relative Strength Index (RSI), MACD, and moving averages all point to a bearish trend, suggesting that the probability of a further price drop is higher than a recovery. Solana's price may retest the significant support level at $116, and if it fails to break the resistance around $157, it may continue its downward spiral.

The increasing competition and bearish technical indicators have led analysts to predict a potential drop to $102, similar to the decline seen from March 18 to April 13. While Solana's price may recover if it breaks the resistance level, the current trend suggests a further drop is more likely.

In conclusion, Solana's price is facing significant pressure due to increasing competition and declining investor interest. With technical indicators pointing to a bearish trend, analysts predict a potential drop to $100. While a recovery is possible, the current trend suggests a further decline is more likely, making it essential for investors to exercise caution.