Solana (SOL) has seen a considerable drop from its peak above $200, struggling around $133 with the likelihood of further declines ahead. The recent brief bounce above $150 was short-lived as bearish forces pushed SOL back towards the critical support at $133, intensifying the overall bearish sentiment.

The cryptocurrency arena has been volatile, and Solana, a significant digital currency, has been impacted by relentless bearish activity. Following a significant downturn from its highs, Solana's price succumbed to substantial selling pressure, breaching crucial support levels and hovering near $140.

At present, SOL's price resilience is being tested near the important support level at $133. Despite current efforts to hold above it, ongoing technical indicators hint at a potential for additional price drops in the near term.

The trajectory of Solana's recovery to $150 was hindered by a sudden decline from the $150 mark, despite a brief upward movement that saw prices rise from $116 to above $150. However, subsequent bearish control led to a decline under $135, approaching the vital support point at $133. While lower trading volume indicates reduced selling pressure, the current technical data leans towards favoring the bears, with minor prospects of a bullish turnaround.

There is a glimmer of hope in the Relative Strength Index (RSI), suggesting a potential rebound opportunity as it nears levels not observed since September 2023. A successful rebound could project SOL's price towards its peak of over $500. However, the looming risk of a drop below $133 lingers as bearish sentiment prevails. Bitcoin's struggles to surpass $65,000 have placed significant strain on the entire cryptocurrency sector, overshadowing the outlook for altcoins like Solana.

In the event that Solana's price gives in to bearish pressure and falls below the $133 support level, a potential rebound may seek stability within the $120 to $118 support zone.