Solana Soars Towards $160 as Institutional Endorsement Fueled Rally Continues

Solana's price has been on the rise due to institutional endorsement and increasing on-chain activity. The cryptocurrency is up 3.55% on the day and 26.38% in the past month, reaching a current price of $121.17.

The Altcoin Season Index has been steadily climbing over the past month, contributing to Solana's rally. To reach its next target of $160, Solana must maintain above the $115 support zone, where 26 million coins previously exchanged hands.

Recent data shows sustained inflows into Solana spot ETFs, with a notable influx of $47.3 million on September 18. The past ten weeks have seen consecutive net inflows worth over $360 million.

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 More than 3 million SOL tokens have been withdrawn from exchanges in the past month, significantly cutting down sell-side pressure.