Solana Soars as Institutional Interest and On-Chain Activity Drive Price Growth
Solana's price has been on the rise, up 26.38% over the past month and currently trading at $121.17. The rally is largely due to increasing institutional interest and rising on-chain activity, with a market-wide rotation into altcoins contributing to the growth.
According to analysis, several indicators point to a potential price target of $160 for Solana's native token, SOL. To reach this goal, the network must maintain above the $115 support zone, where 26 million coins previously exchanged hands.
The influx of institutional funds into Solana spot ETFs is another key factor in the token's growth, with over $360 million in net inflows recorded over the past ten weeks. Additionally, the number of new Solana addresses continues to rise, with a high of 12.5 million recorded on September 18.
With demand for the network continuing to grow, SOL may soon break through the upper resistance zone between $124 and $130. If successful, this could pave the way for further price increases, potentially reaching as high as $160 in the near-term.