Solana's (CRYPTO:SOL) repeated attempts to surpass the $200 mark have been met with resistance, signaling potential trouble ahead as investor sentiment begins to wane, evidenced by a substantial drop in Open Interest.

The notable 15% decline in Open Interest over a mere 48-hour window highlights a growing hesitation among traders, who are increasingly wary of Solana's current state of consolidation and uncertain future movements.

Despite the market's cautious stance, Solana has emerged as a standout among institutions, securing a significant $25 million investment over other altcoins, hinting at underlying confidence from major players.

The decrease in the funding rate to near-negative levels further underscores the market's bearish sentiment, casting doubt on Solana's ability to maintain its current price level without renewed investor interest and market momentum.

While Solana trades at $189 and teeters above the $181 support level, its journey towards reclaiming the $200 mark remains fraught with challenges, leaving it in a limbo between potential bullish breakthroughs and the risk of sliding towards the $168 support.