The price prediction for Solana (SOL) is bullish despite the recent failure to break the major resistance level at $138. A break above this level could provide momentum for SOL to reach $160, especially as institutional interest is on the rise.
As more investors show confidence in altcoins, the upside potential for SOL increases.
Agencies are re-accepting Solana
Institutional interest in Solana is on the rise again, especially after the weakness in August. This month, institutions have invested over $9.7 million in SOL, with $3.8 million coming in the week ending September 13. The strong inflow from institutional investors indicates renewed confidence in Solana’s long-term potential and could be a driving force behind its price rally.
This surge of institutional capital is helping to sustain Solana’s current momentum . If this trend continues, SOL could see further price appreciation, especially as large investors accumulate cryptocurrencies. Institutional support often provides stability and can act as a major catalyst for price appreciation.
Read more: 11 Solana Meme Coins to Watch in August 2024
Solana’s macro momentum also appears to be strengthening, as evidenced by the Chaikin Money Flow (CMF) indicator reaching its highest level in a month and a half. While net inflows were mostly negative in early September, they have turned positive over the past three days, driven by increased institutional activity.
This positive change in net inflows could be a turning point for Solana . The combination of bullish technical indicators and growing institutional interest provides a favorable environment for further price appreciation, but maintaining this momentum remains a challenge as SOL approaches higher resistance levels.
SOL Price Prediction: The Struggle for Growth
Solana is currently trading near $138, and a breakout of this barrier into support could be crucial to push prices towards $155 and $160. A successful breakout would position SOL to test these higher levels, and continued bullish momentum would be key to sustaining this uptrend.
Also, while the factors mentioned suggest a possible breakout of $138, the bullish momentum could weaken before Solana reaches $160. This could act as an obstacle for SOL to break above this critical level, and if that happens, the price could be in a sideways range for the time being.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
However, if Solana fails to break $138, the bullish outlook will be invalidated. In this case, SOL may fall to $124 or $120, which could lead to further price declines.
