Solana breaks through key $180 level – what you need to know

Solana (SOL) is currently priced at around $186 after seeing some pretty wild price action last week. Major altcoins exhibited significantly volatile price movements, with bearish sentiment prevailing, resulting in a net loss of 4.37%. Interestingly, popular expert Ali Martinez highlights the key price levels that will attract the attention of Solana investors amid the current market uncertainty.

Fly or crash? Solana’s future depends on key price points

In a recent X post, Martinez dives into the current Solana market structure and highlights some potential developments related to the $180 price level. Notably, the daily chart reveals that Solana has been trading strictly in an ascending channel since May 2025, with no divergences recorded. Importantly, the altcoin is hovering near the lower end of this channel, currently around $180, which provides crucial support. This price point is also in line with the 200-day simple moving average, reinforcing its validity.

Furthermore, on-chain data from leading analytics platform Glassnode shows that 24.5 million SOL were purchased at this level, reflecting high market demand that is likely to prevent further price increases due to retests. Looking at Mr. Martinez’s analysis, a consistent price hold above $180 maintains the validity of the ascending channel and presents a potential upside setup to $230, with a further price target of $290.

However, if Solana stock falls below $180 due to overwhelming bearish pressure, investors can expect it to fall further to around $115, but it is also possible that it could plummet to $50. Therefore, Solana’s action at $180 represents a potential gain of 56% or loss of 72% from the current market price.

Solana market overview

At the time of writing, Solana (SOL) is trading at $185, up 4.57% over the past 24 hours. Despite the daily recovery, the monthly performance remained negative, with the 14.27% decline highlighting the broader weakness seen last week.

In a notable development, Bitwise launched the first-ever Solana Spot ETF on the New York Stock Exchange (NYSE) this week, marking a major milestone for altcoins. This accomplishment was quickly followed by Grayscale, which introduced its own Grayscale Solana Trust, demonstrating even greater institutional interest in Solana.

This week’s events represent a significant step toward expanding institutional access to Solana and other altcoins, paving the way for deeper market participation beyond Bitcoin and Ethereum.

The two newly launched ETFs have already attracted strong demand, with net inflows of $154.73 million and net assets of $439.97 million in the first three trading days, according to SoSoValue data. Meanwhile, several other Solana-related ETFs are reportedly in the pipeline and currently awaiting SEC approval, including Canary Solana ETF, VanEck Solana Trust, and CoinShares Solana ETF.