As the crypto market rebounds from the recent lows, Solana (SOL) has reclaimed a crucial level, nearing a key resistance area that could set the stage for a long-awaited price recovery rally, according to some market watchers.<\/p>\n
The crypto market has surged above the $3 trillion mark for the first time in a week, with Bitcoin, Ethereum, and most leading cryptocurrencies reclaiming crucial<\/a> support levels lost during the latest market pullback.<\/p>\n Solana joined the market rally and jumped from the recently recovered $135-$140 area to the upper zone of its local range on Wednesday afternoon. Notably, the altcoin has been trading between the $130-$145 price range over the past two weeks, briefly losing the lower boundary during last week\u2019s correction.<\/p>\n This week, SOL\u2019s price has reclaimed some crucial ground, surging over 10% since Monday\u2019s opening and nearing the $145 resistance. Amid this performance, analyst Ted Pillows noted<\/a> institutional participation, as SOL treasury companies have started to show early signs of recovery.<\/p>\n He also highlighted that Solana Exchange-Traded Funds (ETFs) have experienced record inflows this month despite the correction. According to Farside Investors\u2019 data<\/a>, the SOL-based investment products have registered $613 million in inflows since their launch on October 28.<\/p>\n It\u2019s worth noting that throughout the recent pullbacks, Solana funds have seen a strong demand, with a 22-day positive streak while the altcoin\u2019s price descended to multi-month lows.<\/p>\n However, as its price recovered, SOL\u2019s ETFs registered their first negative in nearly a month. 21Shares\u2019 TSOL, which launched a week ago, saw $34 million in outflows on Wednesday, outshining the over $13 million and $10 million in inflows<\/a> of Bitwise\u2019s BSOL and Grayscale\u2019s GSOL. As a result, the whole category recorded net outflows of $8.1 million.<\/p>\n In his analysis, Ted Pillows also noted that \u201cIt seems like SOL has bottomed for a while, but institutional buying needs to accelerate here. Otherwise, it won\u2019t take long for Solana to make new lows.\u201d<\/p>\n Analyst Ali Martinez suggested<\/a> that Solana\u2019s pain might be over as its price \u201cusually bottoms when investors capitulate\u2026 And for the past two weeks, that\u2019s exactly what\u2019s been happening.\u201d<\/p>\n According to the chart, SOL\u2019s price has historically found a floor when the Net Unrealized Profit\/Loss (NUPL) indicator reaches the capitulation zone, which it has recently fallen to. Meanwhile, Crypto Patel highlighted<\/a> that Solana is breaking out of a one-month downtrend, which could trigger a 25% recovery rally near the key $180 barrier in the coming weeks.<\/p>\n Another market observer warned that the altcoin is \u201cwalking straight into the lion\u2019s den\u201d as its price nears the $144-$146 resistance levels. Trader Mr. Ape noted<\/a> that Solana\u2019s price has been rejected three times from this heavy supply area, and momentum \u201cis slowing again as we hit the zone.\u201d<\/p>\nSOL Ready For December Recovery?<\/h2>\n