<ul><li>Solana's price dipped to $162 near the $160 support level, sparking concerns among traders as it faces the risk of a deeper correction.</li><li>Short positions on Solana have surged to a monthly high, leading to a decrease in the long-to-short ratio to 0.85 and indicating a negative market sentiment.</li><li>Technical signals support a bearish view with the RSI near neutrality and the MACD indicator close to a bearish crossover, indicating a potential sell-off if support at $160 fails.</li><li>Analyst 'Mags' sees a large ascending triangle pattern on Solana's monthly chart, suggesting a bullish outlook with a potential target of up to $1,650 if the resistance at $267.80 is successfully broken.</li></ul>

Solana Faces Double-Digit Drop if $160 Support Fails to Holds

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