Solana News Today: Solana Price Targets $185 as Institutional Interest Surges

Liquid Collective has introduced a liquid staking token on Solana (SOL), in collaboration with several major institutions including Coinbase, Kraken, Galaxy, Anchorage Digital, and Fireblocks. The new token, Liquid Staked SOL (LsSOL), is designed to cater to the growing institutional interest in the Solana network, particularly in anticipation of potential regulatory approval for SOL-based exchange-traded funds (ETFs) in the United States.

According to the analysts' forecast, the increased demand for liquid staking solutions, coupled with heightened institutional interest, could drive the price of SOL towards the $185 resistance level. This optimistic outlook is supported by recent technical analysis, which indicates that SOL has completed an inverse head-and-shoulders pattern with a break above $159. The bulls have successfully maintained this level during retests, suggesting a bullish trend.

The 20-day exponential moving average ($157) has started to turn up, and the relative strength index (RSI) has risen close to the overbought zone. These technical indicators signal that the path of least resistance for SOL is to the upside. If buyers can maintain the price above $168, the SOL/USDT pair could ascend to the overhead resistance at $185. However, sellers are expected to vigorously defend this level, as a break above it could catapult the pair to $210.

On the other hand, this optimistic view could be negated in the near term if the price turns down and breaks below the moving averages. In such a scenario, the pair may drop to $144 and later to $137. The bulls have thwarted attempts by the bears to pull and maintain the price below $159, suggesting that the $159 level has been flipped to support. Buyers have further strengthened their position by pushing the price above $169, indicating a potential soar to the $180 to $185 resistance zone.

Time is running out for the bears, who will need to quickly tug the price below the $169 level to trap the aggressive bulls. This could sink the pair to $159. The trend will tilt in favor of the bears on a break below $155. It is important to note that every investment and trading move involves risk, and readers should conduct their own research when making a decision.