Solana: Why Can't It Break $87 Despite $1 Trillion in Trading Volume?

▲ Solana (SOL)/AI generated image ©

Despite holding positive news such as $1 trillion in on-chain transaction volume and institutional capital inflows, Solana is stuck at the $87 resistance level, entering a head-on collision between strong fundamentals and volatile macro variables.

According to investment media TradingNews on April 23 (local time), Solana (SOL) was trading around $86, down 3.09% on the day, attempting to break above the 50-day exponential moving average of $87.08. The price fell to $84.69 during the day before buying pressure emerged, and a breather continued compared to its recent high of $87.17. The outlet pointed out that this correction was a result of risk-off sentiment linked to escalating tensions originating from Iran around the Strait of Hormuz.

Regardless of the short-term sharp decline, network indicators were strong. Solana's on-chain economic activity exceeded $1 trillion in Q1 2026, with transaction counts reaching 25.3 billion. Additionally, 4,100 new developers joined, increasing its developer share within the overall cryptocurrency ecosystem to 23%. The Alpenglow upgrade reduced transaction finalization time to 150 milliseconds, and decentralized application (dApp) revenue reportedly led the blockchain industry for five consecutive weeks.

Institutional capital flows were also notable. Solana spot ETFs surpassed $1 billion in total assets under management, and Goldman Sachs disclosed holdings worth $108 million. Following the listing of Grayscale Solana ETF, OCBC, along with Lion Global Investors and DigiFT, launched 'GoldX ($GOLDX)', a $526 million physical gold tokenization fund, on the Solana network. The media interpreted this as a symbolic case where a major Southeast Asian bank chose Solana as infrastructure for regulated financial products.

The derivatives market also did not entirely rule out the possibility of a short-term rebound. Funding rates turned positive after Monday, rising to 0.0016% by Thursday, and open interest was tallied at $5.15 billion. Whale orders were spotted in the spot market, and buying dominance was maintained in the futures market. However, on the chart, the resistance zone where the 50-day moving average of $87.08 and the 23.6% Fibonacci retracement level of $86.67 overlap remains a burden. Only by breaking this zone on a daily closing basis can the upside open up to $89, $92.11, and $96.65, in that order.

Conversely, on the downside, the Ichimoku Cloud baseline of $83.72 and the $81-$83 range were mentioned as key defense lines. Analysis suggests that if these levels break, the channel bottom of $77.12, and potentially even deeper to $67.50, could open up. Ultimately, Solana retains mid-term rebound potential based on strong network growth and increasing institutional adoption, but for now, surging oil prices, geopolitical risks, and the failure to break $87 have emerged as key variables determining its short-term direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*