Solana Targets $160 as Institutional Funds Fuel Rally
Solana's price has been on an upward trend due to growing institutional endorsement and rising on-chain activity. The Altcoin Season Index has also seen a steady climb over the past month, further contributing to Solana's rally.
According to multiple market signals, Solana is poised to hit $160. To achieve this target, the price needs to maintain above the $115 support zone, where 26 million coins previously exchanged hands. Institutional funds continue to flow into Solana spot ETFs, with a recent influx of $47.3 million on September 18.
The demand for Solana's network continues to rise, as evident from a decline in exchange supply and an increase in new addresses. In the past month, over 3 million SOL tokens have been withdrawn from exchanges, significantly reducing sell-side pressure.