Solana Price Stuck Below $90 as Analysts Warn of Steep Decline

Solana's price remains stuck in a tight range as it struggles to break above $90, with some analysts warning that a failure to do so could send the token into a steep decline. According to Standard Chartered, Solana (SOL) still has a lot of potential despite its heavy reliance on meme coin trading.

Geoffrey Kendrick, head of digital assets research at Standard Chartered, noted in a recent note that while Solana is a quality project worth investing in, it will take time for the blockchain to shift away from its current dependency on meme coins and towards more sustainable applications like micropayments. The network has seen significant growth in active addresses, nearly doubling since the start of 2026 to 4.8 million.

This surge in activity is driven by network usage rather than speculation alone, with rising open interest typically signaling stronger market conviction among large traders and funds. SOL's total open interest jumped more than $34 million in the past 24 hours, which has historically preceded rallies in the token's price.