Solana has experienced a significant price increase, reaching a high of $210, but it has since faced a steep decline. Despite numerous attempts to surpass the $200 mark over the past two weeks, Solana has been unsuccessful, causing investors to feel uneasy.

Currently valued at $190, Solana struggles to break through the $200 barrier, which indicates a decrease in investor confidence, as shown by a drop in Open Interest (OI) from $3.14 billion to $2.88 billion within two days, a 15% decrease. This decline suggests that traders are hesitant to take bullish positions during the current consolidation phase.

Moreover, the funding rate has decreased, indicating that traders are less optimistic about the market's direction. This metric, which is crucial for perpetual futures contracts, has reached one of its lowest points in recent months, reflecting the market's downward trend.

For Solana to reverse its current trend, both Open Interest and the funding rate need to increase. Without this, Solana's price may continue to decline, potentially leading to a bearish market. Currently, Solana bulls must reclaim the 50-day EMA to establish support above the $181 mark. However, even if Solana manages to break through the $200 resistance, it may still experience a dip to $168.

At the moment, Solana is in a consolidation phase, moving between $168 and $200, with the possibility of lateral movement persisting in the near future. Despite these challenges, Solana remains a popular choice among institutional investors, as evidenced by the recent influx of approximately $25 million, surpassing other major altcoins.