#币安HODLer空投HEMI# The latest market dynamics show that Solana(SOL) has recently performed poorly, with prices continuing to decline. As of Wednesday, SOL continues its downward trend, with a cumulative drop of over 10% this week, and the current trading price has fallen below the 209 dollar mark.

From a fundamental analysis perspective, multiple indicators reflect a shift in market sentiment towards pessimism. On-chain data monitoring shows that since mid-June, the number of daily active addresses has been on a continuous decline, with the latest statistics indicating only 2.43 million active addresses on Tuesday. This phenomenon suggests that the actual usage demand of the Solana network is cooling down. Meanwhile, there has been a noticeable increase in short positions in the derivatives market, and the current market trading situation has turned into a seller-dominated one.

The technical indicators also convey negative signals. The relative strength index ( RSI ) on the daily chart currently reads 42, below the neutral level of 50, indicating that bearish forces are gaining an advantage. The moving average convergence divergence ( MACD ) formed a bearish crossover signal on Monday, and the red histogram area is expanding, further confirming the current downward trend.

Market analysts point out that if SOL cannot hold the key support level of the 50-day exponential moving average at $209.58, the price may further drop to the level of $184.13, leading to an expanded pullback. Given the dual pressure of current technical indicators and fundamentals, Solana may need to reaccumulate momentum in the short term to change the current weak pattern.