Crypto: “Bull” Imminent For Solana (SOL), Are We Buying?

Wed 31 August 2022 ▪ 7:00 PM ▪

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Volatility has been all over the news in the cryptosphere lately. After Jerome Powell’s announcement of a Fed rate hike to end inflation, several currencies saw their prices plummet again. Though there had been a semblance of calm, even a tendency bullish “, a few days earlier. For the CoinMarketCap community, it won’t be long before Solana surprises enthusiasts.

Solana (SOL) earns additional $11.27 at the end of September

Last year, CoinMarketCap launched a new feature that allows predictions and price estimates for cryptocurrencies. Her name is ” Price estimates”. The goal is ” to provide convenience by aggregating market estimates in a standardized format “.

With this tool, users don’t have to ask for asset price data in chat groups. This way they have the averages of the estimates for the cryptocurrency they are a fan of.

The CoinMarketCap community has been using it lately. And this made it possible to estimate the price of the Solana for the end of September this year.

SOL Price Forecast for End of September – Source: CoinMarketCap

For example, 1,706 members of this community have made this prediction: the SOL token will trade during the same period at a median price of $43.48. That’s a 35% increase, which equates to $11.27 more. They probably considered a price around $32.21 every now and then.

Still, SOL is trading at $32.71 per coin at the time of writing (Source: CoinGecko).

Solana Price Analysis

Today, Cryptonomist has made an analysis of the prices of 3 cryptocurrencies, namely bitcoin (BTC), ether (ETH) and solana (SOL). As for Solana, the price was reported to have finished yesterday at just $0.28, to close out the daily candle at -$0.97.

Solana bullish traders will therefore have an interest in increasing this price from 1.236 to reach $41.72. This is indeed their main goal. The secondary goal is 0.786, or $54.35.

sol-usd chart
SOL/USD 1-Day Chart – Source: Cryptonomist

As a reminder, this secondary target represents the recent high that SOL has reached during a recent relief rally.

To say that last year, on the same day, the Solana was trading at a price of $108.38 per unit. For the past 30 days, the average price has been $38.95.

What do cryptocurrency analysts think?

Altcoin Sherpa disagrees with the opinion of the CoinMarketCap community. Here’s his comment:

I think there will be a drop to $25. If we consider this as an accumulation zone (I am personally skeptical), this declines is once again exploited. And if we think it is bearish, then those lows (or even lower) come too. So yes, lower anyway. »

Bearish Trend Estimated by Altcoin Sherpa

And with this price hovering around $32, coupled with the evolution since August 26, an uncontrolled decline in the SOL is to be expected.

Still, the “Ethereum killer” had posted a Relative Strength Index (RSI) of 36.60, indicating strong buyer demand. As a result, observers seem to be more confident in an uptrend than in a bearish one. For them, this newfound strength will surely come if bitcoin manages to hold above $20,000.

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