Solana (SOL) is consolidating near $86.71 as it faces a critical resistance zone between $88 and $91. Analyst More Crypto Online stated that a breakout above this range would signal an upside attempt, while a drop below $84.40 could initiate a major corrective wave. Technical indicators show neutral momentum, but derivatives traders remain active, with open interest rising 1.99% to $5.17 billion, suggesting positioning for a potential move.
The price of **Solana** is stabilizing below a key resistance zone as traders anticipate a potential breakout. TradingView data shows the token trading near $86.71 on March 12, down 0.55% over the past 24 hours.
Analyst More Crypto Online noted in a chart shared on X that Solana must break above the $88–$91 resistance range to trigger a bullish breakout attempt. “A break below $84.40 would signal that wave 3 to the downside has started,” the analyst stated.
The asset is currently being held back by weaker momentum signals and appears to be moving into a sideways consolidation pattern. Market data from TradingView showed that the SOL price has declined roughly 5.7% over the past week.
According to TradingView’s technical indicators for SOL, the coin’s current market momentum is neutral with an RSI reading of 53. The coin is also trading below the 200-day EMA, signifying a long-term downtrend.
Even though SOL remains in consolidation, traders remain actively involved in the derivatives markets. CoinGlass reported that the total trading volume in Solana futures contracts in the past 24 hours is approximately $13.2 billion.
Open interest has grown by approximately 1.99%, or roughly $100 million, to $5.17 billion. Increasing open interest during a sideways price condition can be indicative of traders establishing new positions.
