Solana Price News: SOL Seems Ready to Give the $90 Resistance Another Try

Solana (SOL) has gone up by nearly 6% in the past 7 days, rising above the $80 threshold once again as cryptos continue to recover.

President Trump’s decision to enforce a ceasefire with Iran for two weeks catalyzed a strong uptick across the entire market and helped SOL stay above a key support area we identified in previous articles as bulls’ last line of defense.

Trading volumes exploded by 182% in the past 24 hours. At $11.5 billion, they account for 24% of the token’s circulating market cap. Although this could be an early indication of an ongoing short squeeze, short liquidations remain low.

These higher volumes could imply that sentiment has shifted, as data from Artemis shows that weekly volumes have been on a downtrend for 5 weeks in a row.

Last week, volumes closed at $22 billion. Using data from CoinMarketCap and adding up daily volumes for the first four days of this week, we are already crossing the $19 billion mark.

Adding up today’s strong spike, that downtrend would be broken, indicating that buying interest in SOL is rising. Coincidentally, Standard Chartered updated its forecast for Solana and set a target of $250 for the end of 2026.

The bank maintains a long-term target of $2,000 for 2030, and emphasized that “$SOL is evolving from memecoin trading to stablecoin micropayments, with ultra-low fees enabling high-frequency use.”

Solana Open Interest Remains 70% Below Its September 2025 Record

Looking at the futures market, open interest (OI) in Solana futures remains quite low at $5 billion, down 45% from the high levels seen in January this year and still way lower than the $16 billion all-time high from September 2025.

Hence, these above-average volumes could be the result of some organic spot buying. If this is the case, it could mean that whales are positioning for a sustained bullish move over the next few weeks.

On-chain data still points to lower network usage as of last week, as transaction volumes within the Solana blockchain experienced a strong decline from 909 million during the first week of March to 720 million as of last week.

However, weekly active users (DAUs) have been rising for two weeks in a row, which could be an indication of higher interest in this network’s tokens and applications – e.g., Solana meme coins and micro-payments.

Solana Needs to Clear the $90 Resistance to Ignite a Stronger Rally

Looking at the daily chart, the key resistance to watch at this point would be the $90 level. This supply zone has acted as Solana’s ceiling multiple times in the past and has kept the token in consolidation mode for two months now.

If we get a bullish breakout above that mark, the next two targets for SOL would be $100 and $120. These two levels have both psychological and technical relevance as they sit either near or at the 200-day exponential moving average (EMA).

The Relative Strength Index (RSI) also sent a buy signal upon rising above the 14-day moving average. In addition, bullish momentum seems to be accelerating as the oscillator rose past the 50 mark.