Solana, a popular alternative coin, has experienced a 30% increase in value in the last month while trading in an upward channel since mid-April, indicating a surge in market demand.

However, the positive trend is now encountering resistance as traders' sentiment shifts. The long/short ratio for Solana has decreased to 0.86, its lowest point in the last 30 days, pointing to a rise in bearish sentiment with more traders opting for short positions over long ones.

The long/short ratio compares the number of long positions to short positions in the market. A ratio above one suggests bullish sentiment with more traders anticipating a price increase. Conversely, a ratio below one indicates a preference for short positions, betting on a price decline.

For SOL, the declining ratio signifies a growing number of traders betting on a market correction, anticipating a slowdown in the coin's rally. If this trend continues, SOL may face short-term pressure, potentially leading to consolidation or a drop from its recent highs.

Moreover, the negative Balance of Power (BoP) on SOL's daily chart supports this bearish trend, currently standing at -0.32. The BoP indicator measures the buying versus selling pressure on an asset, with a negative value indicating sellers' dominance in the market, suggesting a bearish momentum.

Given the recent market downturn, SOL's price has decreased by 3%. If short interest rises further and sell pressure intensifies, the coin might struggle to sustain its recent gains. A drop below the support level of $161.85 could lead to a price decline towards $142.32. However, if buying pressure rises and bulls regain control, SOL's value could climb to $181.45.