Solana Sees $160 Target as Institutional Support Drives Price Upward
Solana's price has been on an upward trajectory, up 3.55% in a day and 26.38% in a month to reach $121.17. This rally is fueled by institutional endorsement, rising on-chain activity, and the market-wide rotation into altcoins.
The Solana network is expected to hit $160 according to multiple market signals. To achieve this target, the price must maintain above the $115 support zone, where 26 million coins previously exchanged hands.
Further institutional support is also necessary, with sustained inflows into Solana spot ETFs and consecutive net inflows worth over $360 million in the past ten weeks.
The demand for the network continues to rise, as evidenced by a steady decline in exchange supply. More than 3 million SOL tokens have been withdrawn from exchanges in the past month, significantly cutting down sell-side pressure.