The rally in Solana on Wednesday proved to be a dead cat bounce with the coin rejecting the 20 and 100-day EMAs. Solana peaked at $188 yesterday just above the EMA 100, at the trend line. As the trend line of lower lows acts as resistance here, Solana might drop this time to the price level of $165 first. If the bearish wave is strong enough Solana might test the lower side of this falling channel. If somehow, Solana rises above the channel, there is strong resistance at $204. Moves over the weekend could make the direction even clearer.
