Key Takeaways:
Solana’s native token (SOL) is challenging the critical $90 resistance level, propelled by a 35 percent surge in 24-hour trading volume to $5.3 billion. Data from April 22 shows volumes hitting their highest weekly levels since early March, signaling growing conviction among traders for a potential breakout.
"The surge in trading activity as SOL approaches the $90 supply zone is significant," said Alejandro Arrieche, a crypto analyst. "While the token has been rejected from this level multiple times, the rising buying pressure increases the odds of a breakout. A move past the 60 mark on the Relative Strength Index would further confirm accelerating bullish momentum."
The renewed push is backed by steady institutional interest. US-based Solana exchange-traded funds have attracted $50 million in net inflows over the past eight consecutive days, bringing their total assets to $863 million, according to data from Artemis. This institutional pipeline, which includes Goldman Sachs holding $108 million in SOL through various ETFs and BlackRock’s BUIDL fund managing over $550 million on the Solana network, presents a stark contrast to the token's price, which is down 31 percent since January.
This disconnect between booming on-chain activity and a lagging price defines SOL's current narrative. While the network processed more transfer volume than Ethereum in February and is used by Visa for USDC settlements, the price remains under pressure. Analysts attribute this to a simple supply-and-demand issue: token unlocks from early venture rounds are creating a supply overhang that is outpacing demand from ETF inflows. This selling pressure is expected to persist through the third quarter of 2026. A decisive close above the $90 ceiling could trigger a rally toward the next major supply zone near $120, fueled by the liquidation of accumulated short positions.
This article is for informational purposes only and does not constitute investment advice.
