Solana Price Holds $180 Amid New ETF Launch and Market Interest

Solana (SOL) Market Analysis

Current price is approximately $186, experiencing a 4.37% decline over the past week.
A critical support level is identified at $180, reinforced by the 200-day simple moving average.
On-chain data shows 24.5 million SOL purchased at this level, indicating strong market demand.
Potential outcomes:
- If price holds above $180: Possible increase to $230 and further to $290.
- If price falls below $180: Potential decline to $115, with risk of dropping to $50.

Market Developments

Solana trading at $185, up 4.57% in the last 24 hours but down 14.27% for the month.
Bitwise launched the first Solana Spot ETF on NYSE, followed by Grayscale's Solana Trust.
These launches mark increased institutional interest in Solana and altcoins.
The new ETFs have attracted $154.73 million in net inflows and hold $439.97 million in net assets within three days.
Additional Solana-linked ETFs are pending SEC approval, including Canary Solana ETF, VanEck Solana Trust, and CoinShares Solana ETF.