Solana Investors Support Growth: Can It Hit $160?

Solana (SOL) price forecast recently failed to break the key resistance level at $138. A rise beyond this level could be a push for SOL to hit $160, especially given growing institutional demand.

The more investors show faith in an altcoin, the more likely it is to collect SOL.

Institutions return Solana

Institutional interest in Solana is growing again, especially since August. Institutions invested more than $9.7 million this month, with $3.8 million flowing in during the week of September 13. Such strong returns from institutional investors indicate renewed confidence in Solana's long-term potential and could act as a driving force behind the price. development.

This increase in institutional capital is helping to sustain Solana's current momentum. If these trends continue, SOL could see further price gains, especially as large investors accumulate the cryptocurrency. Institutional support often provides stability and can act as a key catalyst for price movement.

Read more: Top 11 Solana Meme Coins to See in August 2024

Additionally, Solana's macro momentum appears to be strengthening, as seen by the Chaikin Money Flow (CMF) indicator, which has reached its highest level in a month and a half. While net inflows were mainly negative in early September, the past three days have seen a positive turn, largely driven by institutional activity.

This positive change in the network indicates that the tide may be turning towards Solana. The combination of bullish technical indicators and increasing institutional interest creates a favorable environment for further price increases, but challenges remain to sustain this momentum as SOL approaches higher resistance levels.

SOL Price Forecast: Rising Struggle

Solana is currently trading around $138, and breaking this barrier to support could be crucial to push the price towards $155 and $160. While a successful breach will put SOL in a position to test these highs, continued bullish initiatives will be key to continuing this upward trend.

Additionally, while the aforementioned factors suggest a possible breach of $138, the momentum may weaken before Solana hits $160. This could limit the altcoin's ability to break out of this critical level, keeping it in the lower trading range.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

However, if Solana fails to break through $138, the bullish view will be rejected. In this case, SOL may face a decline to $124 or $120, which exposes it to further downward pressure.