The price of Solana's native cryptocurrency, SOL, has been in decline since May 12. This downward trend appears to be a continuation of the sideways movement that started in February and has lasted for over three months.
Although the exact cause of the drop is unclear, analysts point out that SOL had risen by +18% in the seven days leading up to the decline, which was unusual in the current market phase. The price of SOL had also entered a sideways phase between $78 and $98 on February 12.
The support level at $79 has held strong since April, but a new support level has formed around $81.5 and another just below $83. These developments suggest that the decline may soon come to an end or be followed by a rebound.