Can Solana Price Rally to $160? Here’s the Key Levels to Watch

Key Insights:

• Solana price rallied more than 23% over the past month, showcasing strong confidence of the investors.
• The Spot Solana ETFs has recorded inflow for the 10 consecutive weeks.
• A top analyst hints at a potential rally of the SOL price towards the $160 resistance ahead.

The price of the leading altcoin Solana has stayed in positive territory today and is up over its brief support of $120. Notably, SOL price has been the talk of the crypto town lately, as evidenced by a surge of over 23% in the past 30 days.

Amid this, a renowned analyst has further added to the bullish narrative, saying that the crypto could continue its run towards the $160 mark ahead. Although he has cited some key levels to watch ahead for Solana price, the sustained institutional interest and network growth hint at a continuing rally ahead.

Solana Price Rallies Amid Strong US SOL ETF Inflows

The SOL price has rallied more than 7% over the past week and traded at $121.75 at the time of writing. It’s worth noting that the SOL price has touched a daily high of $122.75, while on-chain data from CoinGlass showed that the Solana Futures Open Interest rose more than 10% to $7.59 billion.

This suggests that the market participants remain confident in the asset, while actively putting their bets on it. Amid this, renowned market analyst Ali Martinez said that the soaring institutional interest, as evidenced by the recent US Spot Solana ETF fund flows, may further continue to support the ongoing rally.

According to the expert, the US Spot Solana ETFs have recorded 10 consecutive weeks of net inflows. This week, the total inflow into the investment instrument totaled $101.4 million between September 21 and 24, Farside Investors’ data showed.

Besides, Martinez also highlighted that previously, 26 million SOL tokens were traded around $115. This also makes it a major support for the asset, even if it loses some of its gains from the current levels.

Can SOL Price Rally to $160?

Ali Martinez also noted that the soaring fund flows into the US Spot Solana ETFs also align with a declining supply of Solana on crypto exchanges. As per Martinez, more than 3 million SOL tokens have been withdrawn from exchanges over the past month.

Such outflows can reduce the amount of Solana tokens readily available for selling. In other words, this could help in another Solana price rally if buying demand continues to increase.

Simultaneously, Solana’s network activity remains elevated, pointing to continued user engagement across the blockchain. The network recorded a peak of approximately 12.5 million new addresses on September 18.

Although that level has eased, Solana is still reportedly generating around 11 million new addresses per day, highlighting sustained activity across the ecosystem. The combination of increasing demand and declining exchange supply could become particularly important if SOL manages to overcome its immediate resistance zone.

The analyst is closely watching the $124-$130 range, which currently represents a significant hurdle for the cryptocurrency. However, if it can break past the hurdle, Martinez said that the crypto could target $160 in the near future, “as resistance thins out.”

However, the SOL price rally to $160 will ultimately depend on whether buying pressure remains strong enough to overcome resistance and broader market conditions remain supportive. Given the volatile nature of the crypto market, investors should exercise caution while making their investment decision.