Solana’s price has fallen below $160 as the cryptocurrency market experiences broader downturn. This decline is attributed to both technical factors and overall market sentiment, impacting major assets like Bitcoin and Ethereum. Despite this dip, Solana experienced a notable accumulation of funds by existing holders. Notably, there have been no recent statements from Solana leadership regarding the price drop. While technical resistance levels have contributed to market strain, the decline appears unrelated to any new institutional selling or regulatory actions. The dip is further compounded by correlated movements in Bitcoin and Ethereum and minor effects on DeFi protocols associated with Solana. There are no significant issues noted specifically related to Solana, though analysts are closely monitoring its overall market role regarding liquidity and macro sentiment, considering historical patterns of volatility in Layer 1 projects.