Solana (SOL) is encountering critical resistance as it trades at $119-120, significantly below its November 2024 peak of $264. The cryptocurrency is forming lower highs, indicating bearish momentum, with a crucial decision point at the $134-135 level that could signal strength if surpassed. Current support and resistance levels are identified at $120, $112, and $100-90. Despite the bearish technical outlook, Solana's fundamentals show resilience. A recent $5 million purchase by a whale and consistent inflows into Bitwise’s Solana ETF, now at 33 consecutive days, highlight growing institutional interest. Additionally, Solana's DeFi total value locked (TVL) ranges between $8.6 and $8.98 billion, with decentralized exchange (DEX) volumes frequently exceeding $6 billion.