Following the broader market, Solana’s (SOL) price experienced a drawdown from the critical resistance of $169. This failure led traders to adopt a bearish stance, with market indicators showing potential for increased intensity.
Negative funding rates, where short positions outweigh long ones, indicate traders are betting on SOL's decline. Technical indicators like the MACD show a looming bearish crossover, signaling a shift in momentum from bullish to bearish.
Solana’s price sits at $145, aiming to test the $126 support due to repeated failures to breach the $169 resistance level. For a bullish outlook, SOL needs to overcome $155 and $169 resistance levels.
