Solana Bulls Unyielding: 71% of FTX Creditors Plan to Buy More SOL Despite Price Correction

Solana's price rally has been a topic of interest in the cryptocurrency market, with investors and traders alike wondering if the token can reclaim the $180 mark before the month ends. The recent price action of Solana has been volatile, with the token breaking out to a new all-time high of $295 before facing a significant correction.

The market participants remain bullish on the SOL price rally, despite the recent setbacks. A survey conducted among FTX creditors revealed that a large number of them plan to invest their repayments back into cryptocurrencies, with a significant portion expressing confidence in the Solana ecosystem. This optimism is reflected in the fact that 71% of creditors intend to hold or buy more SOL if it drops below $145.

The recent price action of Solana has been characterized by a narrow range between $169 and $176. The bulls have been trying to trigger a strong recovery, as indicated by the MACD, but the selling pressure has not yet faded away. The Chaikin money flow continues to trade below 0, suggesting a weakness in the market and a significant dominance by the bears. This could hint towards an extended bearish action, potentially below $160, but the interim support at $158 may offer a strong base in case of an extended bearish action.

Despite the current bearish sentiment, the growing optimism around the spot ETF could keep the hopes for a strong upswing alive. While it may not be likely that Solana reclaims $180 by the end of the month, the long-term prospects for the token remain promising. The recent events, such as the LIBRA memecoin rug pull and the Meteora scandal, have not dampened the bullish sentiment among investors, who continue to express confidence in the Solana ecosystem.