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

▲ Solana (SOL)/AI-generated image ©

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

According to TradingNews, an investment media outlet, on April 23 (local time), Solana (SOL) was trading around $86, down 3.09% on the day, attempting to break past the 50-day exponential moving average of $87.08. During intraday trading, the price dipped to $84.69 before buying pressure entered, and a period of consolidation continued relative to the recent high of $87.17. The outlet pointed out that this correction was a result of risk-off sentiment intertwined with escalating tensions stemming from Iran surrounding the Strait of Hormuz.

Apart from the short-term sharp decline, network indicators remained strong. Solana's on-chain economic activity exceeded $1 trillion in Q1 2026, with transaction counts reaching 25.3 billion. Furthermore, 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 $108 million. Following the listing of Grayscale Solana ETF, OCBC, in collaboration with Lion Global Investors and DigiFT, launched 'GoldX ($GOLDX)', a $526 million physical gold tokenization fund, on the Solana network. The media interpreted this as a symbolic case of a major Southeast Asian bank choosing Solana as infrastructure for regulated financial products.

The derivatives market 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. In the spot market, whale orders were detected, and in the futures market, buying dominance was maintained. However, on the charts, 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. A daily close above this zone is required to open up upside targets at $89, $92.11, and $96.65, respectively.

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

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