The crypto community predicts a bullish Solana price for the end of September
Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based on user votes only. Estimates do not guarantee end of month prices.
As the entire cryptocurrency market faces strong levels of volatility following Jerome Powell’s latest news surrounding interest rate hikes to curb inflation, crypto investors and traders are trying to estimate where decentralized finance (DeFi) Solana (SOL), will trade by the end of September.
The community at CoinMarketCap has made a bullish prediction, estimating that the SOL token will trade at a median price of $43.48 by September 30, 2022 – using the site’s ‘Price Estimate’ feature.
With this prediction, the community votes predict that the price of the ‘Ethereum killer’ will increase by as much as 35% or $11.27 by the end of September from its current value at press time.
A total of 1,706 community members made their predictions, arriving at the estimate above.
Cryptoanalyst’s verdict on SOL
However, cryptanalyst Altcoin Sherpa mean that the public blockchain platform with smart contract functionality is likely to return to its low range of $25.
“I think there’s going to be a run on these $25 lows. If we look at this as an accumulation area (I’m personally skeptical), these lows will be tapped again. And if we just think it’s bearish, then these lows (or even lower) too. So yeah, lower anyway.”
At the time of publication, SOL is trading at around $32 per move Altcoin Sherpa’s the target represents a downside risk of over 20% for Ethereum (ETH) competitor.
It seems like Solana is trying to pull himself out of his latest slump. Despite calling itself the “fastest blockchain in the world”, the pace since August 26 has only been heading towards an uncontrolled price drop.
Sun chart analysis
SOL has managed to reclaim the $32 level, although it was unable to reach $36.31 at any point. Increasing calculations on the chain was not the only factor that contributed to SOL’s rise. An analysis of the price momentum also found some encouraging signs to keep an eye on.
According to the Relative Strength Index (RSI), SOL traded at a level indicating strong demand from buyers. The RSI value was 38.60 at the time of publication.
At this point, the likelihood of SOL continuing its uptrend seems higher than the likelihood of it experiencing a significant downward correction, but this will likely depend on whether Bitcoin (BTC) can maintain support above $20,000.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
