Solana just hit a brutal 3-month low at $161 before bouncing back slightly. 

The slide from $290 feels like an endless dump, and the sentiment is now more bearing than at any other time in recent memory. 

It’s not a pretty picture, as, despite the fundamentals, the big names getting involved are doing little to help the network’s reputation.

The Chart Looks Brutal

Ali Martinez spotted an inverse head-and-shoulders pattern, and the charts are screaming for a 6% bounce to $180.

But trader Jelle's drawing a line in the sand at $185 by Friday, saying that if we don’t clear that hurdle, we’ll likely be further down from here.

Talk about a fall from grace right at the time everyone was ready to call for flipping Ethereum on the leaderboard.

Fundamentals are also taking a beating, with Total Value Locked nose-diving from $12.1 billion to $8.3 billion.

Open interest crashed harder than LUNA, down to $5.6 billion, and big money is leaving faster than SBF's lawyers after conviction – a slow shuffle to the exit.

The Silver Lining

It’s not all bad news – smart money may be meandering out the door, but institutional money is more than enough to take its place. 

Circle just dropped $6 billion USDC on Solana this year, and they minted another $1.25 billion last week alone.

Somebody's betting big on SOL's future, and it isn’t just degen meme coin traders anymore 

Bitcoin OG Lucky is calling SOL undervalued, eyeing that $170 level like a hawk.

The volume is also still pumping even while price dumps, signaling that things might not be all bad for the network.

The ETF Dreams

Wall Street's sniffing around a Solana ETF as the suits of the world might finally get their SOL exposure.

Institutional money could change the whole game – and the timing couldn’t be better

The ecosystem's still building like crazy, as new projects keep launching despite the bloodbath.

Support levels are breaking, though, and the weekly close might make or break this whole move.

Every trader's watching the $185 level like their life depends on it – if we close below that, it’s likely further down from here.

SOL Searching

Solana is having its worst month since the FTX collapse, but the ecosystem is growing while the price is dropping.

This is far from the end of the line for Solana – in fact, it may be a solid opportunity to get in before the next cycle kicks into full swing.

But that all depends on your time preference and how underwater you are already.