Solana extends its fall this week – Will the selling pressure pull the price of SOL down further?

Solana (SOL) has plummeted over 11% in the past week, as a series of technical signals simultaneously warn of weakening trends and increasing sell pressure. The relative strength index (RSI) has fallen sharply, reflecting a distinctly cautious market sentiment.

At the same time, the structure of the Ichimoku Cloud indicator along with the EMA moving averages shows that the bearish pattern is dominating, as important resistance levels continue to hold firm, while support zones are beginning to weaken. If there is no clear reversal signal in the short term, SOL is likely to continue facing downward pressure in the near future.

RSI of Solana plummeted below 45, indicating weakening momentum

In just two days, the relative strength index (RSI) of Solana has plummeted sharply from 64.25 to 40.77 — a significant fall that clearly reflects the weakening of the bullish momentum.

This downward trend indicates that selling pressure is dominating buying pressure, signaling that the market may be shifting away from the previous optimistic sentiment to enter a more cautious, even somewhat pessimistic state. Many traders are currently reconsidering the short-term outlook for Solana as the technical trend begins to lose solid support.

The RSI index of SOL | Source: TradingViewRSI is a popular momentum indicator used to measure the speed and magnitude of price changes in the short term. This index oscillates between 0 and 100 — where a level above 70 typically indicates that the asset is overbought and may be about to correct, while a level below 30 reflects oversold conditions and potential for recovery.

With the RSI currently at 40.77, the advantage is slightly leaning towards the bears — meaning the upward momentum is gradually weakening but not yet at an alarming level. If this index continues to slide deeper, the likelihood of SOL facing stronger selling pressure is hard to avoid. However, if the RSI stabilizes around the 40 range or bounces back, this coin may be entering a consolidation phase before establishing a new trend.

Negative Ichimoku Cloud structure maintains selling pressure on SOL

The Ichimoku Cloud indicator chart for Solana is showing clear negative signals. The price is currently below the "Kumo" — the red cloud — a sign that the downtrend is prevailing, while this cloud acts as an important dynamic resistance area.

Span A line ( of the cloud, colored blue), is still below Span B ( lower line, colored red), further reinforcing the market structure with a bearish tendency.

The SOL/USDT chart on the 4-hour timeframe | Source: TradingViewLooking ahead, the cloud continues to hold a significant red thickness, indicating that the pressure from the upper resistance zone is very high. This makes the possibility of a bullish reversal unlikely, unless Solana gains truly strong upward momentum.

Additionally, the Tenkan-sen ( green line ) is cutting below the Kijun-sen ( red line ) — a classic bearish signal in Ichimoku Cloud analysis. Both lines are also moving sideways, reflecting a state of accumulation and a lack of a clear trend.

The fact that the price has not been able to rise above the Tenkan-sen line indicates that the short-term upward momentum is still quite weak. As long as a bullish cross( or a breakout above the cloud does not occur, the downward pressure will continue to weigh heavily on Solana from the perspective of the Ichimoku Cloud system.

The EMA structure of Solana continues to fall despite attempts to recover.

The exponential moving average structure )EMA( of Solana continues to reinforce the bearish trend, as the short-term EMAs remain below the long-term EMAs — a clear signal indicating that the bears are still in control of the market.

This pattern formed after a failed reversal attempt two days ago, when SOL tried to break the downtrend but was pushed back by strong selling pressure.

![])https://img-cdn.gateio.im/webp-social/moments-aa40bbc3424c3c11e27598447396e9dd.webp(The SOL/USDT chart on the 4-hour timeframe | Source: TradingViewIf this negative technical structure persists, Solana is likely to revisit the nearest support area around the $141.53 mark. In the event this threshold is breached, SOL could continue to fall below $140 — marking the first time since April 21.

On the contrary, if buying pressure increases and the short-term EMA lines start to trend upwards, SOL could regain its momentum, moving towards the important resistance zone at $150.59. A decisive breakout above this level would be the first signal confirming the potential trend reversal.

If the upward trend is maintained steadily, the next resistance levels that the market needs to watch are $163.64 and $168.36. Further, in an optimistic scenario, Solana could aim for the next target mark at $179.41 — a significant bullish threshold in terms of technical analysis.

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