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Solana Reclaims Key Resistance as ETFs Record $8.1M Net Outflows
The crypto market has rebounded, with Solana (SOL) approaching a critical resistance level that could lead to a price recovery.
Solana Bounces Despite ETF Outflows
- The crypto market surpassed $3 trillion, with major cryptocurrencies regaining crucial support levels.
- Solana's price rose by over 10% since the week's start, nearing the $145 resistance level.
- Institutional participation in SOL is increasing, with treasury companies showing signs of recovery.
- SOL investment products recorded $613 million in inflows since October 28, despite recent pullbacks.
- However, SOL ETFs experienced net outflows of $8.1 million recently, raising concerns about sustainability.
SOL Ready For December Recovery?
- Analyst Ali Martinez suggests SOL may have bottomed as investors show signs of capitulation.
- The Net Unrealized Profit/Loss indicator aligns with historical price floors.
- A potential 25% recovery rally could occur if Solana breaks its current downtrend.
- Trader Mr. Ape warns of resistance at the $144-$146 level, which could lead to a price drop if not broken.
- A successful breakout could push the price to $157.
Currently, Solana trades at $142, marking a 7.7% weekly increase.
