Solana Under Pressure — Bears Still in Control

Solana (SOL) is currently trading around $86 after a 6% drop, and the overall trend still points downward. The price is moving within a clear downward channel, showing lower highs and lower lows.

The recent bounce from the $68–70 support area looks weak and is losing momentum. The price struggles to get past the $92–95 resistance, which appears quite strong. This suggests the upward move is likely just a short-term bounce rather than a true reversal.

Data from CoinGlass indicates continued bearish pressure. Open Interest has increased by 3% to $5.39 billion, meaning more positions are opening. Funding rates are negative, and the long/short ratio is below 1, showing more traders expect the price to drop.

Institutionally, SOL ETFs have seen outflows totaling $1.04 million. While not large, it points to some loss in confidence. If outflows persist, selling pressure could increase.

The MACD is flat near zero, suggesting weak momentum and sideways movement within the ongoing downtrend.

Key levels to monitor include resistance at $92–95, then $110 and $126, and support around $68–70, followed by $60.

The bias remains bearish unless the price breaks above $95 and holds there. Traders might consider short positions near resistance or if the price falls below $68. Long trades would be more reasonable only if SOL manages to strongly reclaim the $95 level.

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