Solana continues to stay under pressure amid the negative macro backdrop as the geopolitical situation remains unchanged, with stalled US-Iran negotiations and the ongoing Saudi-Houthi conflict. Oil prices are back above $100, the Federal Reserve faces mounting inflation pressures that could force it to raise rates more than expected, and growth concerns are starting to take centre stage. That’s a bad mix for the crypto market.On the fundamental side, Solana continues to see growth in tokenized equities, stablecoins and institutional adoption. However, these developments are clouded by the broader macro-driven selling. The main Solana-specific event this week is the Alpenglow consensus upgrade, scheduled for tomorrow. The upgrade aims to reduce transaction finality to around 150 milliseconds by replacing the existing consensus mechanism. Beyond that, the most important event for the broader crypto market will likely be Friday’s US Flash PMIs, barring a surprising breakthrough in US-Iran negotiations.If the data disappoints, growth concerns could intensify and trigger another selloff in SOL. Better than expected data, on the other hand, might spark a short-term relief rally, but it wouldn’t change the bigger picture, as stronger activity alongside persistent inflation pressures would just reinforce the need for Fed tightening. SOLANA TECHNICAL ANALYSIS – DAILY TIMEFRAMElevel. If the price gets there, we can expect the buyers to step in, with a defined risk below the support, to position for a rally into the 148.00 level. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the major upward trendline next. SOLANA TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, the price broke above the downward trendline that was defining the bearish structure. This might be a signal of a loss in the bearish momentum and a potential pullback into the 113.00 level. If the price gets there, we can expect the sellers to step in, with a defined risk above the 113.00 level, to position for a drop into the 97.00 level. The buyers, on the other hand, will look for a break higher to increase the bullish bets into the 148.00 level next. SOLANA TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor downward trendline defining the current bearish price action. The sellers will likely continue to lean on the trendline, with a defined risk above it, to keep pushing into the 97.00 support. The buyers, on the other hand, will look for a break higher to pile in for a rally into the 113.00 level next. The red lines define the average daily range for today.UPCOMING CATALYSTSOn Thursday we get the latest US Jobless Claims figures, while on Friday we conclude the week with the US Flash PMIs. This article was written by Giuseppe Dellamotta at investinglive.com.