Solana targets $160 as institutional interest grows, with $9.7 million invested this month. Breaching $138 is key, but failure risks a drop.

Solana price remains in a deep bear market as the ongoing consolidation in the cryptocurrency continued. It was trading at $140, down by over 34% from its highest point this year, giving it a market cap of over $64 billion.

The liquidity pocket at $138-$140 was swept during the most recent price move upwards. The $142 and $150 levels are the next liquidity targets, but Solana might not advance directly to these targets. Instead, a short-term dip appeared likely.

With the Solana Breakpoint event just around the corner, analysts forecast a 62% price surge for Solana (SOL).

Solana (SOL) hints at a downward trend as it trades around $132 on Tuesday, following a rejection from the previously broken ascending trendline at $139.80 last week. The bearish outlook is further supported by declining development activity and a long-to-short ratio below one.