Solana (SOL) is nearing a critical resistance level at $87, driven by strong on-chain activity and positive funding rates that suggest increasing bullish pressure in both spot and futures markets. The cryptocurrency is trading at $86.13 after three consecutive days of gains, with technical indicators such as the RSI and MACD showing modest strength, indicating buyers are gaining control.
Whale accumulation and buy-side dominance in derivatives markets further support the potential for continued upward movement. Funding rates have turned positive, reaching 0.0016%, a pattern historically linked to upward price trends. Immediate resistance is noted at the 23.6% Fibonacci retracement level near $86.67, with the 50-day EMA at $87.08 posing additional pressure. A breakout above these levels could propel SOL towards $92.11 and potentially $96.65.
The market structure remains focused on a breakout, with traders closely monitoring the $87 zone for confirmation. The current setup, characterized by rising funding rates and active whale orders, suggests a bullish outlook, although resistance levels continue to challenge immediate upside potential.
Solana Approaches Key $87 Resistance Amid Bullish Momentum
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