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Solana price eyes $160 with strong institutional support

GrafaGrafa2024/09/19 08:20
By:Liezl Gambe

Solana (CRYPTO:SOL) is positioned for a potential bullish rally, with a price target of $160 if it can break through the key resistance level of $138. 

Institutional investors have renewed confidence in SOL, with over $9.7 million in inflows this month. 

This surge in investment signals growing support for the altcoin and has helped sustain its current momentum. 

According to CoinShares, a significant portion of institutional investment came during the week ending September 13, with $3.8 million in net inflows. 

These strong capital inflows highlight institutional confidence in Solana's long-term potential, providing a solid foundation for further price growth. 

The increasing institutional support could act as a driving force behind the upward movement in SOL’s price. 

The Chaikin Money Flow (CMF) indicator, which measures buying and selling pressure, supports this bullish sentiment. 

Based on recent data, Solana’s CMF has hit its highest level in a month and a half, signaling growing investor interest. 

Despite some negative netflows earlier in September, the trend has shifted to positive, further reinforcing the bullish outlook. 

However, the key challenge remains breaking through the $138 resistance level. 

If Solana successfully flips this barrier into support, it could rise toward $155 or $160. 

Continued bullish momentum, driven by institutional support and favorable technical indicators, will be essential for sustaining this upward trend. 

On the other hand, failure to surpass $138 could weaken the bullish outlook. 

In such a case, Solana’s price may drop to $124 or $120, exposing the altcoin to downward pressure. 

Nonetheless, the combination of growing institutional interest and favorable technical indicators keeps optimism high for Solana’s price trajectory in the near term. 

At press time, the Solana (SOL) price was $138.45.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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