Solana (SOL) has recently experienced significant selling pressure, dropping below $120, marking its lowest level since February 2024. The decline of over 38% in the past month has reinforced the bearish momentum surrounding SOL.

Currently, SOL faces a critical challenge as sellers maintain control. Any potential recovery would need to surpass key resistance levels to indicate a change in momentum.

The Solana Ichimoku Cloud analysis reveals a strong bearish setup. The price is currently trading beneath both the blue Tenkan-sen and the red Kijun-sen, signaling a bearish short-term trend. Although there was a recent bounce from a local low, essential resistance levels have not yet been reclaimed. The red Ichimoku cloud ahead suggests prevailing bearish sentiment in the market, with strong resistance anticipated around the $130 - $135 region.

The Solana Directional Movement Index (DMI) chart shows that sellers are still dominant, with the Average Directional Index (ADX) increasing significantly to 33.96. This uptick confirms the strengthening downtrend of SOL.

Solana's Exponential Moving Average (EMA) lines continue to exhibit a bearish trend, with short-term EMAs positioned below long-term EMAs. A successful break above key resistance levels could potentially trigger a rally towards previous highs. However, failure to hold critical support levels may lead to a deeper decline, possibly below $110 for the first time since 2024.

With sellers currently in control and the downtrend persisting, SOL must overcome resistance barriers and show a bullish crossover to shift market sentiment. The road ahead for Solana remains challenging, with potential fluctuations likely to impact its price trajectory.