Solana (SOL) has struggled to maintain upward momentum, with repeated failures to secure $161 as support. A recent failed breach triggered a 13% decline, dropping SOL to $139, and the ongoing bearish pressure suggests potential further declines.

Key technical indicators, like the RSI, have fallen below 50, reflecting increasing selling pressure. Traders are betting on more losses, as short contracts in the Futures market outpace long contracts, and Solana’s funding rate turns negative, signaling bearish sentiment.

Currently trading at $139, SOL may drop to $124, a key support level. If it holds, Solana could bounce back, but failure might push it down to $120. A rise above $140 could offer a chance to retest the $160 range.