Introduction to Solana Price Recovery
Solana price is attempting to recover after a significant decline that pushed it out of its long-term uptrend channel. The cryptocurrency has found support at $146 and is now facing key resistance levels at $166, $169, and $190. Despite the recent collapse, there are several bullish catalysts that could help stabilize Solana price, including continuous SOL ETF inflows and improving macroeconomic sentiment.
Technical Analysis of Solana Price
Solana (SOL) price suffered a significant decline on November 3, which pushed it out of a long-term uptrend channel that had contained price action since April. The decline found support near the $146 level, from where SOL witnessed a short-term recovery. The current rally is now attempting to reclaim the channel’s broken lower trendline and is encountering key resistance around $190, which coincides with the 0.618 Fibonacci retracement of the recent downturn and the 55-day EMA (green), creating a confluence.
However, along the way, Solana price faces a major hurdle in the $166-$169 area, where it faces immediate resistance from an SR flip – a level that acted as short-term support during the consolidation in late October. This area also coincides with the 21-day EMA (yellow) and the 0.786 Fib, creating a strong confluence zone that could determine whether the current upswing is strong enough to retake the channel.
Solana price 1D chart | TradingView
Can Solana Price Recover?
Despite the recent collapse, several bullish catalysts could help stabilize Solana price. Continuous SOL ETF inflows over the past 10 days signal continued institutional interest, even amid overall market weakness. Additionally, the impending resolution of the US government shutdown has increased overall risk appetite and provided a potential tailwind for altcoins. If BTC and ETH gain momentum again, SOL has a good chance of reclaiming the upward channel.
The continuous SOL ETF inflows over the past 10 days illustrate growing institutional demand despite the recent collapse. An improvement in macroeconomic sentiment and renewed risk appetite could help SOL regain its channel as BTC and ETH regain strength. For more information, visit https://crypto.news/solana-price-attempts-comeback-amid-ongoing-etf-inflows-but-170-resistance-may-stall-recovery/
