Solana Price Shows Signs of Recovery Amid Steady Inflows into SOL ETFs
Solana price is exhibiting early signs of recovery after a recent decline to $150, with a 1.18% increase on the daily chart, according to data from Crypto.news. This upward momentum is supported by continued inflows into SOL-tracking exchange-traded funds (ETFs), which have seen significant activity over the past week.
The recovery comes as the cryptocurrency market navigates ongoing macroeconomic challenges, including the 37-day government shutdown in the US, which has created significant uncertainty and impacted liquidity in both traditional and crypto markets. The Fear and Greed Index has fallen to 24, signaling increased caution among investors. Despite this, SOL ETFs have continued to attract inflows, with a peak of $70.05 million on November 3rd, followed by $14.83 million on November 4th, and $9.70 million on November 5th.
Technical Indicators and Support Levels
From a technical standpoint, Solana price is still under bearish control, trading below the 9-day Simple Moving Average (SMA) of $175.85. The Relative Strength Index (RSI) is in oversold territory at 33.58, suggesting that the market may be under pressure, but also potentially signaling a buying opportunity if the price stabilizes and reverses course. Immediate support for Solana price is around $159, with further support at $150, where buyers may intervene to prevent further declines.
On the upside, resistance is seen at $175, which coincides with the recent SMA and serves as a key level for a possible recovery. Should SOL manage to recapture $175, it could signal a shift towards a more neutral to bullish trend, potentially testing $180 as the next key resistance level. The price chart from crypto.news illustrates the current market dynamics and potential support and resistance levels.
Solana price chart amid SOL ETF inflows | Source: crypto.news
Conclusion and Outlook
In conclusion, Solana price is showing signs of recovery amid continued inflows into SOL ETFs, despite ongoing macroeconomic challenges and bearish technical indicators. As the market navigates these uncertainties, investors should closely monitor support and resistance levels, as well as the overall market sentiment. For more information and updates on Solana price and SOL ETF inflows, visit https://crypto.news/solana-price-eyes-160-rebound-amid-continued-sol-etfs-inflows/
