Solana (SOL) has delivered a blistering 95% gain since April, but its climb is starting to face resistance. Currently consolidating below the crucial $180 level, the bullish momentum appears to be taking a breather. The question now: is this a pause before a breakout—or the beginning of short-term pressure?

Bearish Undercurrents in a Bullish Structure

While the price remains elevated, data from Glassnode reveals a subtle but noteworthy shift: Solana is the only top 10 cryptocurrency (excluding stablecoins) with a negative funding rate. This indicates that more traders are now paying to hold short positions—suggesting growing skepticism about further upside in the near term.

This divergence between spot price consolidation and bearish positioning in the futures market may either be the fuel for a short squeeze—or the early signal of exhaustion.

Key Technical Levels in Focus

Solana is currently trading around $175, just beneath the $180–$185 resistance zone that has historically capped rallies. A breakout above this level could validate the current bullish structure and pave the way for a run toward $200 and beyond. However, failure to break through could lead to a short-term correction toward $165–$170, aligned with key EMAs.

Volume remains steady, and weekly charts show three consecutive green candles, indicating that buyers are not yet backing down. Still, traders should monitor whether momentum can persist without broader market support.

Buy or Wait?

Solana’s current technical setup presents a clear inflection point. Bulls have the upper hand for now, but growing short interest and macro uncertainty could challenge this lead. If SOL breaks above resistance on high volume, it may confirm a new leg higher. But caution is warranted if the negative funding persists and the market pulls back.

This analysis is for informational purposes only and does not constitute investment advice. Always do your own research before making financial decisions.