SOL's recent performance has indeed been somewhat frustrating. After dropping from the high of $200, it is now oscillating between $140 and $145, with a decline of over 25%. The next direction is a key question facing many.

From a technical perspective, $150 has become a critical dividing line. This level is very important; only if it can hold steady (especially on a weekly closing basis) will there be a chance to reverse the downtrend; otherwise, it will continue to face pressure. The $140 level below is an important support; if broken, it may test lower levels around $120-$125.

Interestingly, the bulls still have some cards up their sleeve. Institutional funds have been net inflowing over the past few weeks, which is a noteworthy signal. More importantly, Firedancer has gone live on the mainnet, representing a major upgrade in SOL's performance, with a qualitative improvement in network capability. Additionally, the news of Morgan Stanley filing for a spot SOL ETF has expanded the narrative space. On-chain trading activity has not shown a significant decline.

On the other hand, the bears are also under pressure. The technicals are still stuck below resistance, which can drain bullish patience. Some local indicators show signs of overheating, indicating short-term correction risks. Plus, SOL's strong correlation with Bitcoin means that if the overall market weakens, it can easily be dragged down.

How to operate specifically? For those holding positions, holding at $140 is advisable, but set a stop-loss below the key support. If there is a rebound to $145-$148 without clear breakout signals, consider reducing some positions. For those still observing, aggressive traders can wait for a volume breakout above $150 before entering, targeting $155-$162. Conservative traders might wait for a pullback to around $140 or for strong support zones at $120-$125 to add in batches.