Bitwise CIO Matt Hougan says Solana is entering a setup similar to early Bitcoin and Ethereum rallies, with institutional buying and ETFs on the horizon.
Solana (SOL) surged by nearly 4% in the past 24 hours, trading around $223.11 at press time. The move comes as buyers continue to build momentum, pushing the token closer to its key resistance zone near $225, highlighted in the latest daily chart.
After a strong breakout from its descending channel in June, Solana has maintained an uptrend structure, supported by a rising trendline. The chart shows price defending multiple support zones, particularly in the $175–$180 range, which has become a crucial demand level.
“The $180 area has proven to be a solid foundation for Solana’s rally, and as long as price stays above this support, bulls remain in control,” said  BITX market analyst.
The current resistance sits in the $220–$230 zone, an area where SOL previously struggled to break higher earlier this year. A successful close above this barrier could open the path toward the next resistance near $250, followed by the major supply zone around $280.
Trading volumes remain healthy, suggesting growing investor confidence. Analysts point to the fact that SOL has recovered steadily from its March lows near $120, establishing a series of higher highs and higher lows — a bullish market structure.
However, experts also caution that a rejection at $225 could spark a pullback. “If Solana fails to clear $225 convincingly, we may see a retest of the $200 or $180 support areas,” one trader noted.
With 4% daily gains and strong demand visible in the chart, Solana’s near-term outlook appears constructive. A decisive breakout above $225 resistance would likely accelerate momentum toward higher levels, solidifying the ongoing bullish trend.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.