Solana Faces Bearish Pressure as Price Nears Critical Support Zone

Solana (SOL) is showing signs of weakness after a brief rally, with its price slipping to around $146. The asset is now dangerously close to the crucial $140 support level, a line bulls are desperate to defend. A breakdown below this level could trigger a retest of the 26-day EMA at $139, increasing the risk of a deeper correction.

Despite rebounding strongly from March lows, Solana has failed to overcome resistance at the 100-day and 200-day moving averages, sitting at $151 and $162, respectively. This resistance confluence has capped recent upside momentum. Meanwhile, the RSI has flattened near 58, revealing a bearish divergence and weakening price strength.

Technical indicators are flashing caution. The lack of follow-through on recent green candles, combined with declining volatility and volume, suggests waning demand. As SOL struggles to maintain upward momentum, traders appear to be booking profits near resistance levels. If the $140 zone fails to hold, the next likely target is $131, aligning with the 50-day moving average and a historical support zone from earlier consolidation.

Overall, Solana's price structure suggests a potential distribution phase rather than a setup for further gains. The rally from early April has lost steam, and without a notable uptick in volume or fresh catalyst, the short-term outlook remains bearish. To regain bullish momentum, SOL must flip $151 into support with strong buying interest. Until then, the risk of further downside persists as the token hovers just above critical technical levels.

This trend underscores a broader hesitation in the crypto market, where investors are cautious amid declining momentum and resistance-heavy price zones. Without renewed interest, Solana could revisit key moving averages it recently fought hard to reclaim.