The price of Solana (SOL) is currently around $186, after a rather turbulent display last week. While the leading altcoin showed significantly volatile price action, bearish sentiment prevailed, resulting in a net loss of 4.37%. Interestingly, the popular expert Ali Martinez highlighted the critical price level for the attention of Solana investors amid the current uncertainty in the market.
Fly or crash? The future of Solana depends on a key price
In a recent X postMartinez dives into Solana’s current market structure, highlighting several potential developments around the $180 price level. Namely, the daily chart reveals that Solana has been trading strictly in an ascending channel since May 2025, with zero deviations recorded. Importantly, the altcoin is moving close to the lower limit of this channel, currently around $180, which acts as key support. This price is also aligned with the 200-day simple moving average, thus reinforcing its validity.
Furthermore, on-chain data from leading analytics platform Glassnode shows that 24.5 million SOLs were bought at this level, reflecting strong market demand that is likely to prevent prices from falling further after the retest. Looking at Martinez’s analysis, a consistent price hold above $180 maintains the validity of the ascending channel and is a setup for a potential price rally to $230, with further price targets at $290.
However, if major bearish pressure pushes Solana below $180, investors can expect a further drop to around $115, while a potential drop to $50 is also feasible. Therefore, Solana’s move to $180 represents a potential gain of 56% or loss of 72% from current market prices.
Overview of the Solan market
At press time, Solana (SOL) is trading at $185, up 4.57% in the last 24 hours. Despite the daily recovery, its monthly performance remains negative, with a 14.27% decline underscoring the broader weakness seen in the past week.
In a significant development, Bitwise launched the first Solana Spot ETF on the New York Stock Exchange (NYSE) this week, marking a major milestone for altcoins. Success was soon followed by Grayscale, which introduced its own Grayscale Solana Trust, further signaling increasing 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.
According to SoSoValue datathe two newly launched ETFs have already attracted strong demand, recording $154.73 million in net inflows and $439.97 million in net assets within the first three days of trading. Meanwhile, several other Solana-related ETFs are reportedly in the works, including the Canary Solana ETF, the VanEck Solana Trust and the CoinShares Solana ETF, all of which are currently awaiting SEC approval.
About the Author
