Solana (SOL) price could drop more than 46% in the near future amid weakening structural indicators, as of April 7.

After getting trapped in a consolidation since early February 2026, SOL price may be forming a bearish pennant – a continuation chart pattern signaling that a downtrend is likely to resume after a brief consolidation – according to analysis shared by Aksel Kibar, an ex-fund manager. As such, Kibar expects Solana price to drop further in the coming months towards a target of $42.5.

The classical chart trader argued that Solana price confirmed its multi-year reversal pattern after consistently closing below a prior strong l buy-zone around $112. As a result, if SOL price rebounds above this robust buy-wall that has turned into a resistance level, the altcoin will likely rally toward $247, which is more than 209% away from its current price at press time. The bullish scenario, however, remains a secondary scenario as the primary outlook is bearish for SOL.

Why is the Solana price bearish in the near future?

Solana price is facing a medium-term bearish outlook as it remains locked in with the wider cryptocurrency industry, as per Kibar.

“Several cryptocurrency pairs have the same price action. Sharp corrections followed by muted sideways, tight consolidations. Which can be bearish pennants or flags,” Kibar noted.

Although the Solana network has shown strength in recent months, as Finbold pointed out its growth in decentralized exchanges (DEXes) and quarterly network activity, the altcoin remains trapped in a macro bearish trend fueled by low liquidity inflows.

​For instance, Solana’s Open Interest (OI) –  its total value of active contracts for market traders across all exchanges – has dropped from about $15.09 billion in early October to around $4.82 billion at the time of publication.

​Additionally, the institutional demand for Solana through spot SOL exchange-traded funds (ETFs) has gradually dropped in the past two quarters from a peak of $419 million in November 2025 to about $1.18 million in March, as per metrics from SoSoValue.

As such, unless the demand for Solana derivatives and spot revamps, further bearish sentiment could prevail in the foreseeable future.