At a current price of $121.17, Solana (SOL) is up 3.55% on the day and 26.38% this last month. The rally is the result of persistent institutional endorsement and rising on-chain activity. More importantly, it has been brought on by a market-wide rotation into altcoins, with the Altcoin Season Index steadily climbing over the past month.
Source: CoinMarketCap
Solana is primed for a $160 hit; here’s why
According to the latest analysis, several indicators point to $160 as the next best target for the price of SOL.
To achieve this, Solana has to maintain above the $115 support zone, where 26 million coins previously exchanged hands.
Even more, the network has to continue to pull institutional funds, which increases positive sentiment around the coin. The past week has seen sustained inflows into Solana spot ETFs, culminating in a $47.3 million influx on September 18. Meanwhile, the past ten weeks have recorded consecutive net inflows worth over $360 million.
Source: CoinMarketCap
At present, 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 More than 3 million SOL tokens have been withdrawn from exchanges in the past month, significantly cutting down sell-side pressure.
Another metric showing solid blockchain demand is the number of new Solana addresses. On September 18, the network recorded a high of 12.5 million new Solana addresses, and it continues to create roughly 11 million new addresses per day.
The next steps
Should demand continue to grow, SOL could break through the upper resistance zone between $124 and $130. From there, upward resistance on the road to $160 thins out, with $144 being the next hurdle to jump.
Achieving $160 in the near-term seems quite plausible, especially with the September 28 Alpenglow launch on mainnet. The upgrade is part of an aggressive plan by Solana to dominate global markets by increasing transaction finality from 12.8 seconds to 100-150 milliseconds. The upgrade would also increase fault tolerance by 40%, reducing the chances of network downtime due to malicious or offline validators.
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