After an impressive 28.20% rally, Solana (SOL) experienced an 18.75% decline from its peak. The decline in transaction counts and investor confidence worsens the market outlook for SOL, indicating the possibility of further price drops.

Solana is approaching potential support levels between $222.80 and $210.10, which could aid in recovery. However, if negative sentiments continue, SOL might breach these levels, leading to further declines.