The recent trend of SOL has people on edge. The price level of $130 now feels like a taut string, ready to snap at any moment.

What's worse is that the 50-day moving average and the 200-day moving average are about to form a death cross — this is the first time this has appeared since the beginning of 2023. Those who understand technical analysis know that once this signal is confirmed, it often means that the bear market has to continue for a while longer.

Since mid-September, SOL has been stuck in a downward-sloping channel. Every time it tries to push upward, it gets pushed back at the middle line of the channel. The lows are getting lower, and the highs are also getting lower, which is a typical downtrend.

The current focus is entirely on the support range of $121-$123. This is the last line of defense. If it can't hold, the next stop could be $107, and if that doesn't work, we will have to see if $95 can hold.

The short selling pressure is there:
- It has been declining since September.
- All rebounds are suppressed by the medium line.
- The death cross could be confirmed at any time.

Although the support level is currently quite stable, the buying momentum is obviously insufficient. The next few days are crucial; either the bulls need to show their true capabilities to turn the situation around, or they have to be prepared for further downward probing. The market is now just waiting for a direction.