Solana's (SOL) price has struggled to maintain upward momentum, recently dipping 13% after failing to hold the $161 support level. It has now fallen to $139, causing traders to question if more declines are imminent.
Technical indicators like RSI falling below 50.0 point towards increasing bearish sentiment. This has strengthened the bearish outlook as Solana battles ongoing downward pressure.
Market sentiment has turned negative, with short positions surpassing long ones in the futures market. Solana's funding rate also turned negative for the first time in weeks.
If $140 can't be sustained as a support level, a further drop to $124 appears likely, although a failure at the $124 mark could push prices down to $120, forming a new lower consolidation range.
Should Solana regain $140 as support, it may have a chance to rebound towards $160. Overcoming resistance at $155 could change the current bearish trajectory and offer price recovery.
