The negative news surrounding Solana in November, especially the strong sell-off, continues to coincide with weak technical structures, making the current rally weak and unconvincing.

On the H4 frame, SOL is moving steadily within the purple descending channel as the price is repeatedly rejected at EMA 34 and EMA 89 – reflecting clear seller dominance. The relative strength index (RSI) also remains between 39 and 42, indicating weak demand and the likelihood of further market declines increasing with any additional selling pressure.

The $130 area is immediate resistance as it represents the upper border of the channel as well as an area of ​​strong supply. If SOL rebounds to this level, the rebound may simply resume the corrective move before the decline towards the $110 target, as this level coincides with the lower border of the descending channel.

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