Solana (SOL) remained under pressure on Wednesday, trading below the $70 mark after declining more than 5% so far this week. Weakening derivatives data and a deteriorating technical structure suggest sellers continue to dominate the market, raising the possibility of a deeper correction in the near term. While some on-chain and institutional indicators offer signs of resilience, bearish sentiment currently appears to outweigh bullish catalysts. Derivatives traders increase bearish bets Recent derivatives data reflect growing pessimism among traders. According to CoinGlass, Solana’s long-to-short ratio fell to 0.94 on Wednesday, approaching its lowest level in more than a month. A reading below one indicates that short positions outnumber long positions, suggesting traders are increasingly positioning for further downside.
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