Solana Stalled Again at the Top of the Range
Currently trading around $89.30, the price of Solana has wiped out its recent gains following a slight fluctuation over the last 24 hours. This drop and the re-entry into the bearish range actually mask a particularly bullish underlying dynamic. Indeed, the network is attracting an increasing number of major institutional players, transforming Solana from a simple, high-speed blockchain into a true settlement layer for traditional finance.
Payment giants are taking a close interest in the infrastructure to develop stablecoin-related solutions. This growing adoption acts as a fundamental catalyst, attracting long-term capital and reinforcing the network’s credibility against its direct competitors.
Whales Are Accumulating: A Massive Buy Signal?
Institutional enthusiasm is accompanied by frantic activity from large investors. Recent data shows massive accumulation by whales, confirmed by the CVD (Cumulative Volume Delta) indicator. Whether on the spot market or on futures contracts, buyers have clearly regained control of the market.
This convergence between spot markets and derivatives is crucial for what comes next. It significantly reduces the risk of a fakeout driven solely by leverage. On the contrary, the current buying pressure appears organic and supported by genuine underlying demand.
On the technical analysis front, the daily chart reveals that SOL is still showing signs of weakness and is struggling to hold the $90 support. Failing that, a drop back to $83 will be the next target.
How High Can the Price of Solana (SOL) Go?
With this favorable technical and fundamental setup, traders have their eyes glued to the next key levels. On the upside, SOL faces immediate resistance located between $92.80 and $95. A daily close above this sell-side liquidity zone could trigger a massive rally.
The main target for this move lies at the imbalance zone around $105-$110. If the bullish momentum is sustained, the token has every chance of smashing through the $100 psychological barrier to reach this target set by the 1-day and 7-hour order blocks.
However, in the event of a correction or a rejection below current resistances, SOL will imperatively need to defend its key support located around $89.88. A break below this level could lead to a deeper retracement toward the last swing low around $83.50, temporarily invalidating the bullish scenario. The liquidation map indicates clusters of longs down to $85 and $83.
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