Solana’s price has dropped to $124, marking a sharp decline that accelerated in late November. This drop comes after a significant breakdown from the $138-$140 range on TradingView, resulting in heavy selling volume as the price plunged towards the mid-$120s. 10.54% volatility suggests heightened market uncertainty with negative sentiment dominating. Despite this correction, Solana remains within an ascending channel highlighted by Trader Tardigrade. His long-term chart shows SOL trading inside this structure since May 2022. Currently, SOL is positioned in the lowest sub-channel zone, a historical area known to precede significant upside movements when the price revisits it. The potential for Solana to surge above $1,500, the channel’s highest point, awaits a strong momentum trigger from this region. 50-day and 200-day SMAs remain far above current levels at $164 and $174 respectively, indicating a broader downtrend on higher time frames. Meanwhile, the 14-day RSI sits at 38.8, suggesting neutral momentum leaning slightly bearish, highlighting seller influence in the short term. Despite a near-term bearish market sentiment, price prediction models indicate a potential rebound target of $141.30 (+11.8%) as traders anticipate some degree of mean reversion after the sharp selloff. A crucial technical juncture has arrived for Solana: if buyers defend the support zone between $120 and $124, a recovery into the mid-$130s may be possible. However, losing this support could open a move toward deeper lower levels of the multi-year ascending channel before any upward momentum can form again.