Solana (SOL) is currently trading around $165, a critical demand level following a recent pullback from $183.

Despite the recent downturn, SOL has shown positive growth with a 17.01% increase over the past 30 days and a year-to-date return of +61.92%.

However, bearish indicators, including a MACD bearish cross and a risk of the RSI breaking below 50, suggest potential declines towards the ascending support trend line at $150.

The current market sentiment is cautious, with some analysts warning of an impending major crash, likening it to an 'Alert, nuclear bomb!' scenario.

Technical analysis indicates mixed sentiments for Solana, with the 50/200-day EMA showing increased buying and selling pressure, while the RSI stands at 54, indicating a neutral position.

The wave count analysis suggests SOL is in wave four of a five-wave increase, adding to the uncertainty about the completion of this wave.

Key support levels to monitor are at $165.00 and $154.00, as the market develops and tests these critical areas.

Currently, SOL faces immediate resistance near the $170 level, with the next major resistance at $172, and a successful close above $175 could lead to further gains.

The upcoming week is critical for SOL, coinciding with the US election and Bitcoin nearing its all-time high, which could introduce volatility in the crypto market.

Analyst Carl Runefelt suggests that SOL may experience a brief correction before attempting to rally and retest local highs in the coming days.

Long-term projections indicate that if SOL breaks out of its current triangle formation, it could reach a target range of $273 to $306.

Investors are advised to remain cautious and wait for confirmation of a breakout before entering the market, as there is potential for upside following a reversal.