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Solana is in a critical phase as its recent decline continues to confirm the channel pattern that formed its price action during the past week.
The decline highlights growing uncertainty, with investors now playing a key role in determining whether SOL will continue its slide or find support for a reversal.
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Solana investors remain pessimistic
The change in the net position in the stock market reflects mixed signals Of the owners of Solana. Last week, SOL portfolios oscillated between accumulation and distribution, creating an unstable backdrop.
What is notable is that the last 48 hours have recorded a dominance of green bars, which indicates large flows from the exchanges.
This inconsistent behavior reflects uncertainty among incumbents rather than strong conviction. The frequent swings between buy and sell reflect a market struggling to find direction.
With sales currently above accumulation, the short-term outlook for Solana remains weak.
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The resulting P/E ratio reinforces this bearish sentiment. The indicator shows that Losses dominate Solana Holders sell at lower prices to avoid further declines. Panic-driven exits, even on a smaller scale, indicate declining confidence.
When losses dominate, prices tend to face additional downward pressure unless there is a shift in broader sentiment. Right now, the macro situation suggests that investors are preparing for potential declines rather than preparing for consolidation.
SOL price needs to find a trend
Solana’s price continues to trend in a bearish channel after failing to break above the $146 resistance level earlier this week. This structure leaves two possible paths based on the upcoming market signals and the behavior of investors.
If the channel remains as it is and the negative feelings persist, SOL risks falling Below the lower trend line. Such a breakout could drag the price towards $123 and even $118 if selling pressure continues to build.
Alternatively, a successful bounce from channel support could trigger a recovery attempt. if SOL has regained its strength Challenging the $146 resistance level again, a breakout could push the price towards $151 and finally $157.
However, this possibility requires a renewed shift to bullish market conditions to invalidate the current bearish thesis.
