Solana Surges 10% to $153 on Institutional Support and Bullish Chart Patterns

Solana ($SOL) has recently surged past a critical resistance level at $153, prompting analysts to predict a potential rise to $164. This upward momentum is driven by several factors, including bullish chart patterns and growing institutional support. The cryptocurrency has broken out of a symmetrical triangle pattern, which is often indicative of continued upward movement. Additionally, Solana has cleared the 0.786 Fibonacci level at $153.54, with the next Fibonacci extension levels at $158.08 and $164.06 now acting as potential support and resistance points.

Technical analysis suggests that the breakout above $153 is visible on the 4-hour chart, reflecting short-term strength that could extend to the mid-term outlook. Crypto traders have noted that as long as Solana remains above $147, the setup remains valid. This level serves as both technical and psychological support, crucial for maintaining the current bullish momentum and avoiding a trend reversal.

Institutional interest in Solana is on the rise, with major firms integrating the blockchain infrastructure into their operations. The Truth Social Crypto Blue Chip ETF has allocated 8% of its portfolio to Solana, placing it alongside Bitcoin and Ethereum. This move indicates increased attention from institutional players and adds to the network’s credibility and adoption. Bullish, a Peter Thiel-backed exchange, is moving its core infrastructure to Solana, further boosting the ecosystem's growth. Fiserv has also joined the stablecoin space using Solana’s infrastructure, adding to the network’s credibility and adoption.

Analysts have 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. The price of Solana has moved above both the 50-day and 200-day exponential moving averages, which are commonly seen as bullish signs in chart analysis. The market cap of Solana now stands at $84.24 billion, reflecting the growing interest and investment in the cryptocurrency.

Solana’s price is currently holding an important support level of $147.59, a price point that has consistently acted as a key point of interest. This level represents a significant cluster in the UTXO realized price distribution, which indicates that many long-term holders are still underwater if the price slides back below this level. Holding the $147.59 level is crucial to prevent further downward pressure and set the stage for a potential rally. If SOL continues to hold this key level, it could establish a strong foundation for a move toward higher levels. As price action around this area is critical for SOL’s near-term outlook.

After days of tight range trading, SOL is once again eyeing the $164 resistance, a level that has been acting as serious resistance for the upside. The repeated rejection zones in the $163–$165 band have created a thick supply wall. Unless SOL clears this with force and volume, it risks staying stuck in the volatile range. Meanwhile, a clean breakout above $164 opens up the path to $190 and potentially even $200, which aligns with the next major inefficiency zones. Volume remains low for now, but a surge on breakout would confirm buyers stepping in. On the downside, $147 to $150 still acts as key support. As long as SOL holds that floor and continues pressing against resistance, momentum is building pressure for an eventual breakout.