Solana (SOL) has experienced a bullish performance in the last three weeks, rallying by over 70% from its lowest price point on June 10. However, recent observations suggest that the cryptocurrency may be facing sell pressure as it is now overbought and has broken through long-term descending support.

While the surge in onchain volume indicates retail traders are jumping onto the trend, derivatives metrics show that short sellers might be getting into position, indicating growing expectations of sell pressure. Caution is advised as residual bullish momentum may still push prices higher before an eventual correction.