The key to reversing the price trend of Solana lies in changing investor behavior, and the latest data shows a deep discrepancy. Despite minor outflows of SOL from exchanges in the last 48 hours, the overall sentiment remains pessimistic – the realized profit and loss ratio is recording dominance of panic selling.
This internal contradiction between minor signs of accumulation and broader selling pressure is blocking SOL in a downward channel formation, making the level of 146 USD a key barrier to overcome.
Solana investors remain pessimistic
The change in net positions on exchanges reflects conflicting signals from Solana holders. Over the past week, SOL wallets oscillated between accumulation and distribution, creating an unstable backdrop. In particular, the last 48 hours registered a dominance of green bars, indicating greater outflows from exchanges.
Such inconsistent behavior indicates uncertainty among holders, rather than strong conviction. Repeated changes between buying and selling reflect a market struggling with a lack of direction. Additionally, the current dominance of selling over accumulation means that the short-term price trend forecast for Solana remains vulnerable.
Moreover, the realized profit/loss ratio also adds to the negative sentiment surrounding the altcoin. The ratio shows that losses dominate among Solana investors, as holders increasingly sell at lower prices to avoid deeper declines. Panic-driven exits, even on a smaller scale, indicate a waning trust in whether a reversal will ever occur.
Meanwhile, when losses dominate, the price tends to face additional downward pressure unless broader market sentiment changes. Currently, the macroeconomic environment suggests that investors are preparing for further declines, rather than a rebound. This further exerts pressure on the price trend of Solana, leaving it to bears.
The price of Solana continues to move in a downward trend after a failed breakout of resistance at 146 USD earlier this week. Nevertheless, this formed structure leaves two potential directions depending on upcoming signals from the market and investor behavior.
If the channel remains intact and negative sentiment persists, the altcoin's price risks falling below the lower trend line. This would be the third touch of the lower support of the formation, which could attract bearish pressure. Such a course could drive the price of SOL towards 123 USD or even 118 USD, if selling pressure remains strong.
Alternatively, a successful rebound from the channel support could initiate an attempt to reclaim the upper boundaries of the formation. If the altcoin regains investor interest, it may again face resistance at 146 USD. Conversely, breaking through this could push the price of Solana towards 151 USD or even to 157 USD.
However, such an outcome requires a renewed transition to market conditions favoring growth to invalidate the current negative price trend of Solana.
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