Solana's breakout above $153 supports a possible move to $164, backed by bullish patterns.
Institutional support grows as ETFs and major firms integrate Solana's blockchain infrastructure.
Holding above $147 is crucial for maintaining bullish momentum and avoiding a trend reversal.
Solana ($SOL) is trading at $158 after breaking above a key resistance level at $153. Analysts now suggest the cryptocurrency could rise to $164 soon. Momentum has picked up following a period of price consolidation, with growing support from both retail and institutional investors.
Technical Indicators Support $164 Move
According to analysis prepared by Ali Martinez, Solana has broken out of a symmetrical triangle pattern, which often signals continued upward movement. The token has also cleared the 0.786 Fibonacci level at $153.54. This zone is now acting as support, with the next Fibonacci extension levels at $158.08 and $164.06.
https://twitter.com/ali_charts/status/1943187932782682124
Other traders noted that the breakout above $153 is visible on the 4-hour chart. This timeframe reflects short-term strength, which could extend to the mid-term outlook. Crypto Patel mentioned that the setup remains valid as long as SOL stays above $147, which serves as both technical and psychological support.
Trading volume remains stable above $5.2 billion, and Solana's market cap now stands at $84.24 billion. The price has moved above both the 50-day and 200-day exponential moving averages, which are commonly seen as bullish signs in chart analysis.
Institutional Moves and ETF Listings Boost Outlook
According to an observation by Eric Balchunas, the Truth Social Crypto Blue Chip ETF has allocated 8% of its portfolio to Solana. This places Solana alongside BTC and ETH, showing increased attention from institutional players.
The ecosystem also continues to grow. Bullish, a Peter Thiel-backed exchange, is moving its core infrastructure to Solana. Meanwhile, Fiserv has joined the stablecoin space using Solana's infrastructure, adding to the network’s credibility and adoption.
Analysts also noted that if Solana clears $164 with high volume, the next targets could range from $186 to $200. However, holding above $147 remains critical for the current momentum to continue.
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