Solana, a popular altcoin, has experienced a 30% increase in value over the last month, trading in an upward channel since mid-April. Despite the surge in buying activity, the coin is now encountering resistance as trader sentiment shifts. Coinglass data reveals that Solana's long/short ratio has dropped to 0.86, the lowest in a month, indicating a rise in bearish sentiment. This shift suggests a growing preference for short positions over long ones, signaling a potential price decline. Additionally, the negative Balance of Power on the daily chart further supports this bearish outlook, with sellers currently dominating the market. If short interest continues to rise, Solana may struggle to maintain its recent highs and could potentially drop below key support levels. Traders should remain cautious and conduct thorough research before making any investment decisions. Read more AI-generated news on: https://app.chaingpt.org/news