Solana is in a critical phase as its recent decline continues to confirm a channel-shaped pattern that has shaped price development over the past week.

The decline indicates increasing uncertainty, and investors play a crucial role in determining whether SOL continues to fall or finds support for a reversal.

The change in the net position on the stock market reflects conflicting signals from Solana holders. Over the past week, SOL wallets have oscillated between accumulation and distribution, creating an unstable backdrop.

Over the past 48 hours, green bars have dominated, indicating larger outflows from exchanges.

This inconsistent behavior points to uncertainty among holders rather than strong conviction. The recurring shifts between buying and selling reflect a market struggling to find direction.

Right now, selling is outpacing accumulation, making Solana's short-term outlook vulnerable.

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The realized profit/loss ratio reinforces this negative sentiment. The indicator shows that losses dominate Solana as holders sell at lower prices to avoid larger declines. Panic-driven exits, even on a smaller scale, indicate decreasing confidence.

When losses dominate, the price tends to face further downward pressure unless the broader sentiment shifts. Currently, the macro environment suggests that investors are preparing for potential declines rather than accumulation.

Solana's price continues to trend within a descending channel after failing to break past $146 resistance earlier this week. This structure leaves two possible paths depending on upcoming market signals and investor behavior.

If the channel remains intact and the negative sentiment persists, SOL risks falling below the lower trend line. Such a breakthrough could drag the price down toward $123 or even $118 if selling pressure continues to build.

Alternatively, a successful bounce from the channel support could trigger a recovery attempt. If SOL regains strength and challenges $146 resistance again, a breakthrough could push the price toward $151 and eventually $157.

This outcome, however, requires a renewed shift to positive market conditions to invalidate the current negative thesis.