Is there a way to subscribe to push topic channel using Salesforce rest api?

Hello Rajesh,

Yes, you can create a PushTopic via the REST API.

For example:-

curl https://na1.salesforce.com/services/data/v32.0/sobjects/PushTopic/
-H "Authorization: Bearer token -H "Content-Type: application/json"
-d "@newpushtopic.json"

where my newpustopic.json is:-

{
"Name" : "Account",
"Query" : "SELECT Id FROM Account",
"ApiVersion" : 32.0,
"NotifyForOperationCreate" : true,
"NotifyForOperationUpdate" : true,
"NotifyForOperationUndelete" : true,
"NotifyForOperationDelete" : true,
"NotifyForFields" : "All",
}

For more infomation, read here.

Hope this will help you.

Thanks.