3 SOL data points suggest $130 was the bottom: Is it time for a return to range highs?

The likelihood of a Federal Reserve rate cut in December has dropped to 33%, down from 67% at the beginning of November, coinciding with a decline in Bitcoin's price below $89,000. This shift reflects a significant change in investor sentiment and market dynamics.

The 21shares Solana exchange-traded fund (TSOL) has launched with over $100 million in assets under management, indicating strong investor interest despite a challenging market environment. This debut comes at a time when the cryptocurrency sector is experiencing volatility, particularly with Solana's recent price fluctuations.

Bullish reported record revenue and profit for the third quarter; however, this strong performance did not positively impact investor sentiment, as the company's share price continued to decline.

Bitcoin is currently experiencing its largest correction of the bull market, with analysts indicating that the price is nearing a critical capitulation zone. This decline has raised concerns among investors, but some view it as a potential buying opportunity.

Solana's price has been on a downward trend since mid-September, with a 45% drop from its September high of $252.78. Currently, it is trading around $130, which is a 52.4% decrease from its all-time high. The decline is attributed to reduced network activity and bearish market sentiment, raising concerns about a potential crash to $120 as it forms a bearish rounded top pattern.

The second wave of Solana-based Exchange-Traded Funds (ETFs) has launched, with strong demand driving Solana's price recovery to $140. VanEck's new Solana ETF debuted on Nasdaq, waiving fees for initial assets under management. This development suggests a potential rebound for Solana amidst recent market volatility.

Crypto prices are experiencing volatility as Bitcoin has made a notable recovery, trading at $91,798 after previously dipping below the $90,000 mark. This resurgence comes after a significant drop that saw Bitcoin fall to around $90,700, marking a 25% decrease from its all-time high of over $126,000. Other cryptocurrencies like Ethereum, XRP, and Solana are also trading near critical support levels, indicating a tense market environment.

Solana has initiated a recovery wave from the $128 level, with its price currently consolidating above $135. The cryptocurrency has encountered resistance near the $142 mark, which it must surpass to continue its upward trajectory. A significant break above a bearish trend line at $137 has occurred, indicating potential for further gains if key resistance levels are cleared. The price movement aligns with broader trends observed in Bitcoin and Ethereum, suggesting a positive sentiment in the market.