Solana (SOL) has been facing resistance below $150 since March 3, with technical indicators signaling a bearish trend. Recent data shows a decline in the number of Solana whales, indicating a potential reduction in large holders' exposure.

In addition, Solana's total value locked (TVL) has remained below $10 billion, reflecting weakening engagement in its DeFi ecosystem. To regain bullish momentum, SOL would require increased whale accumulation, a recovery in TVL, and breaking through key resistance levels.

Solana's TVL has been stagnant below $10 billion since February 22, currently standing at $8.87 billion. TVL represents the total assets locked in a blockchain's DeFi protocols, serving as a crucial metric for network activity and investor confidence.

A higher TVL signifies robust ecosystem participation, while a decline suggests decreasing liquidity and waning interest. As Solana's TVL continues to decrease, there are concerns about weakening demand for its DeFi platform, potentially impacting SOL's price.

Moreover, the number of Solana whale addresses has decreased, standing at 5,023 after a recent drop from 5,053. Monitoring whale activity is essential as these large holders can influence market trends, with accumulation indicating price confidence and distribution hinting at selling pressure.

The recent decline in whale addresses raises worries about potential selling pressure on SOL, possibly restricting upward movement. However, a resurgence in whale accumulation would signal renewed long-term confidence in Solana, potentially aiding in a stronger price rebound.

Solana is still struggling to break above $150, with EMA lines suggesting a bearish setup. While downward pressure persists, a reversal in the trend could propel SOL towards $160.7, with a breakout paving the way for a test of the $180 resistance level.

Conversely, intensified bearish momentum could prompt a retest of support at $130, and a breach below this level might lead to further price decline, potentially testing $125.