Solana (SOL) is consolidating near critical resistance around $179, with technicals leaning cautiously bullish. The daily chart shows the 9-day EMA holding above the 20-day EMA and the MACD in positive territory, suggesting momentum remains on the buyers’ side. However, stacked resistance levels at $178–$179 and heavy ask walls at $185–$188 could limit upside unless strong institutional demand steps in.

Institutional adoption is playing an increasingly important role in Solana’s outlook. Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet, commented:

“I lean moderately bullish on Solana, as institutional momentum is real. First, Solana has become the only non-Ethereum altcoin with a US-listed ETF that also integrates staking yield. That is a structural shift, creating consistent buy-side demand from institutions that need compliant exposure. On top of ETFs, companies like Bit Mining are allocating hundreds of millions into SOL, following the same playbook we saw with MicroStrategy and Bitcoin.”

With ETFs, staking yield, and consistent fund inflows, Solana appears to be transitioning from a high-beta “Ethereum alternative” into a legitimate institutional asset class. The next breakout or breakdown may depend on whether bulls can clear the clustered ask walls above $185, or whether sellers exploit liquidity cracks near $175 and $170.

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Read the full analysis: www.ecoinimist.com/2025/08/20/solana-bulls-target-185-dollars