Solana (SOL) has been trading at the lower line of its rising channel since early May, signaling a potential decline in its price. The cryptocurrency's movement within the rising channel has continued since it started its upward trend on April 30. However, the drop towards the support line began on May 20, and SOL's price may fall below the 20-day exponential moving average, indicating a bearish trend.

The 20-day exponential moving average reflects SOL's average price over the last 20 days, and when a token's price falls below this fundamental moving average, it can signal a shift from a bullish to a bearish trend. Additionally, SOL's moving average convergence divergence (MACD) data confirms the market trend shift from bullish to bearish, which may show the MACD line intersecting with the signal line in a downward trend.

Furthermore, the futures market shows a decline in open positions, indicating fewer new positions are being taken. This decline may suggest that market participants are increasingly exiting trading positions without opening new ones. According to experts, if SOL's price breaches the $163 support, it could fall further to $157.99. However, due to the positive funding rate on cryptocurrency exchanges, 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.

In conclusion, Solana's price plunge may be a sign of a bearish trend on the horizon. Market participants should be cautious and conduct their own research before making any investment decisions. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly. Stay informed and up-to-date with the latest news and trends to make informed decisions.

Note: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.