Solana Breaches Key $180 Level – What You Should Know

Solana's price has been volatile, experiencing a recent 4.37% loss, hovering around $186. Analyst Ali Martinez highlights the $180 level as crucial for Solana, aligning with an ascending channel's lower boundary and the 200-day moving average. Data indicates 24.5 million SOL were purchased at this level, suggesting strong support. Holding above $180 could lead to a rise to $230 and potentially $290. Breaking below $180, however, could trigger a decline to $115 or even $50. Despite a negative monthly performance, Solana shows a 4.57% gain in the last 24 hours. Recently, Bitwise launched the first Solana Spot ETF on the NYSE, followed by Grayscale's Solana Trust. These ETFs have attracted significant inflows and assets in their initial trading days. Several other Solana-linked ETFs are awaiting SEC approval, indicating increasing institutional interest. This development potentially broadens institutional access to Solana, impacting its market participation.