In a market where Bitcoin and Ethereum are consolidating, Solana (SOL) has shown remarkable strength, surging above $180 recently. However, as it approaches the critical resistance zone between $175 and $195, bearish sentiments loom over its rally.

Bearish Pressures Loom Over SOL Price

Despite starting the day on a bearish note, SOL faces significant selling pressure, particularly near the resistance and potential reversal zone around $185. According to Elliot wave theory, SOL may have completed Wave 5 of the main Wave C, signaling a potential downtrend if the uptrend line is breached.

Technical Analysis and Potential Pullback

The 4-hour chart illustrates SOL's price movements within an ascending trend but hints at an imminent pullback. Failure to surpass the resistance of the rising parallel channel suggests a bearish scenario, potentially leading SOL to retreat towards the rising trend line within the channel, positioned around $175 to $177. A breakdown below $160 could signal a crucial trend reversal.

RSI Indicates Bearish Momentum

The Relative Strength Index (RSI) surged above the upper threshold into the overbought zone before undergoing a bearish rebound. Concerns arise that the RSI may continue its downward trajectory, amplifying selling pressure on SOL.

Critical Hours Ahead for SOL

The next few hours leading up to the day's close are pivotal for SOL's price trajectory. A bearish pullback could erase the gains achieved in recent weeks, underscoring the importance of monitoring SOL's performance closely.

Conclusion: Uncertainty Amidst Bearish Pressures

While SOL has exhibited strength in the face of Bitcoin and Ethereum's consolidation, bearish clouds loom over its rally. Traders and investors must remain vigilant as SOL navigates through critical resistance zones and potential trend reversals. The outcome of the next few hours could significantly impact SOL's short-term price action, highlighting the need for caution and strategic decision-making in the volatile cryptocurrency market.