Solana price fell 13% over the past week after confirming a bearish pattern on the charts. Will it experience a steeper decline ahead as institutional investors seem to be backing away from the asset?<\/p>\n
\n Summary<\/span>\n <\/p>\n <\/p>\n According to data from crypto.news, Solana (SOL<\/a>) price fell 13.5% from its weekly high of $92.88 to $80.37 earlier on Monday before settling a little above at $84.07 at the time of writing.<\/p>\n Solana price fell as institutional investors began rotating capital away from the token, likely as they explored other options. Data<\/a> from SoSoValue shows that spot Solana exchange-traded funds recorded $4.24 million in outflows over the past week, breaking a six-week weekly inflow streak that drew in nearly $127 million from the investment products.<\/p>\n While this recent cooling doesn\u2019t necessarily mean that institutional investors will continue to back off from the asset in the weeks ahead, they have certainly spooked retail investors into a cautious state as they await clearer market signals.<\/p>\n <\/p>\n Another major reason that has set back the token is the persistent liquidations across crypto derivatives markets. Over the past 24 hours, over $24 million in positions were liquidated from Solana alone, with the majority coming from long liquidations. As these positions were wiped out, the resulting selling pressure further accelerated the decline.<\/p>\n Meanwhile, the ongoing uncertainty around when the war between the U.S. and Iran would come to an end has also fostered a cautious environment<\/a> for investors who are rotating to gold and other safe-haven assets that have historically protected capital during geopolitical crises.<\/p>\n On the daily chart, Solana price has confirmed a multi-month bearish flag pattern. Such a pattern is formed when an asset drops sharply downwards, forming a flagpole followed by some consolidation forming the flag part of the pattern.<\/p>\n A break from the lower trendline of the pattern confirms the bearish outlook and has often preceded a significant downward move.<\/p>\n Hence, Solana price is likely to visit its year-to-date low of $67.82 reached on Feb. 6. On the bearish side, if Solana price loses the $80 support level, the selloff could intensify quickly.<\/p>\n Technical indicators seem to support this bearish outlook. Notably, the Aroon Down stood at 92.86% while the Aroon Up was at 0%, a sign that the bears are in total control of the trend.\u00a0<\/p>\n The Relative Strength Index, which shows the RSI at 44 slowly climbing back toward the neutral threshold, suggests that while the immediate panic has subsided, the overall momentum remains weak.<\/p>\n <\/p>\n\n
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