🟣Solana has entered a vulnerable phase: the formation of a downward channel reflects mounting uncertainty, while fragmented investor behavior increases market instability. Net outflows from exchanges over the past 24 hours and a rise in loss-realizing transactions point to elevated fear. Holders are attempting to avoid further downside, which in turn amplifies selling pressure.
🟣The technical setup also remains bearish. Bulls failed to defend the $146 level, and if negative sentiment persists, price may slide toward the $123–118 support area. Still, a strong rebound from support could restore buyer interest and reopen the path to retesting resistance levels. At this stage, market sentiment remains the key variable — and conviction among buyers is still noticeably lacking.