Solana is gearing up to challenge a key resistance level near $97.40, with on-chain data revealing a notable uptick in whale activity and renewed institutional interest through ETF capital inflows. The cryptocurrency has been riding a wave of bullish momentum in the derivatives market, signaling growing confidence among large-scale investors.
According to market data, the confluence of whale accumulation and ETF-driven demand is helping SOL structure a recovery from previous lows. The derivatives market, in particular, has shown an increase in open interest and positive funding rates, suggesting that traders are positioning for further upside.
The $97.40 resistance zone is considered a critical hurdle; a convincing break above it could pave the way for a stronger rally, while failure might result in a consolidation phase. Analysts note that the current recovery mirrors broader trends in the digital asset space, where institutional capital is gradually returning after periods of uncertainty.
The Solana ecosystem itself is showing signs of resilience, with on-chain metrics such as active addresses and total value locked improving alongside the price action. Market participants are watching closely to see whether SOL can sustain its upward trajectory and convert resistance into support.
