Solana is in a crisis period as the recent declines continue to confirm the channel pattern that has dictated price movements over the past week.

This downward movement highlights the increased uncertainty. Investors are playing a crucial role in deciding whether SOL will continue to decline or the opposite.

Solana investors remain bearish.

The change in net exchange status reflects conflicting signals from Solana holders over the past week. SOL wallets have been swinging between accumulation and distribution, creating an unstable backdrop.

Notably, in the last 48 hours, green bars have dominated, indicating an increased exit from exchanges.

Inconsistent behavior indicates uncertainty among holders rather than a definite confidence. The repeated switching between buying and selling reflects a market struggling to find direction.

When selling exceeds accumulation, the short-term trend of Solana remains threatened.

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The actual profit/loss ratio still supports this bearish outlook. The indicators show that losses are dominating Solana as holders sell at lower prices to avoid deeper declines due to panic selling. Although small, it indicates decreasing confidence.

When losses become dominant, prices may face additional downward pressure unless overall sentiment shifts. Currently, the macro environment indicates that investors should prepare for potential declines rather than accumulation.

The price of Solana continues to trend within a downward channel after failing to break the USD 146 resistance earlier this week. This structure allows for two possible approaches depending on upcoming market signals and investor behavior.

If the trend channel remains intact and the bearish sentiment persists, SOL is at risk of falling below the lower trend. This decline could drag prices down to USD 123 or even USD 118 if selling pressure continues.

Conversely, a successful bounce from the support of the trend channel could spark a recovery effort. If SOL regains strength and challenges the USD 146 resistance again, a breakout could push prices up to USD 151 and eventually USD 157.

However, this outcome requires a shift to a bullish market condition to negate the current bearish sentiment.