Solana News Today: Institutional Bet Stacks Up as Solana Faces Crucial $172 Support Test

Solana’s native token $SOL recently experienced a pullback following failed attempts to break through the $205–$206 resistance level, trading below $190 as of the latest data. The price decline marked a 6% drop over 24 hours, ending a recent 20% rally that lost momentum near the key resistance zone. Analysts have identified the $172–$176 range as the next critical support level. A strong reaction at this zone could signal the end of the current corrective phase and reignite upward momentum toward $300. If this level fails, the next key support could form around $160, potentially leading to a more extended retracement [1].

The technical structure of Solana’s price movement also reveals a potential breakout scenario. Analyst Ali Martinez identified an ascending triangle pattern on the 12-hour chart, indicating that the price has been forming higher lows since March 2025 while encountering repeated rejections near $205–$207. This pattern suggests accumulating buying pressure beneath a flat resistance. Martinez noted that a breakout above $207 with sustained volume could trigger a move toward key resistance levels at $250, $277, and $320. Fibonacci extensions further support these price targets, emphasizing the importance of volume confirmation for a successful breakout [1].

Despite the short-term price volatility, institutional interest in Solana remains robust. Major investment firms, including Pantera Capital, are raising funds for Solana-focused products, with plans to establish a Nasdaq-listed company backed by $1.25 billion in capital. Galaxy Digital , Jump Crypto, and Multicoin Capital are also collaborating on a $1 billion Solana treasury initiative, supported by Cantor Fitzgerald and the Solana Foundation. This corporate investment dwarfs existing holdings, with current largest holder Upexi holding only around $400 million in SOL. The initiative aims to complete its fundraising and treasury establishment by September 2025 [1].

Solana’s dominance in network revenue further underscores its appeal to institutional investors. It has led all Layer 1 and Layer 2 blockchains in network revenue for 23 consecutive weeks, with recent weekly revenue reaching $15.95 million. This performance has reinforced confidence in Solana’s ecosystem, particularly as the network continues to optimize for high throughput and low transaction costs. The recent load testing that achieved 100,000 transactions per second (TPS) and upcoming upgrades such as the Block Assembly Marketplace and Alpenglow consensus protocol are expected to enhance the platform’s scalability and finality [4].

While Solana faces competition from Ethereum , particularly in total value locked (TVL), its performance metrics remain favorable. Ethereum, while still the dominant platform for smart contracts and DeFi, has higher transaction fees and lower throughput compared to Solana. Solana processes over 100 million daily transactions at an average cost of approximately $0.0003, far below Ethereum’s average of $4.02. These efficiency gains have positioned Solana as an attractive option for high-frequency applications and new DeFi projects, further solidifying its market position [3].

As institutional adoption continues to rise, the $SOL price remains in a consolidation phase with key technical levels in focus. A breakout above $207 could accelerate the path toward $250 and beyond, with analysts suggesting potential targets of $222 and $360 based on current price action and volume patterns. However, the pullback below $200 has intensified attention on the $172–$176 support zone, which may determine the next direction of the asset. If this area holds, it could reignite bullish sentiment and set the stage for a renewed push toward the $300 level [1].

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