Crypto: “Bull” imminent for Solana (SOL), are we buying?

Crypto: "Bull" imminent for Solana (SOL), are we buying?

Wednesday August 31, 2022 ▪ 7:00 pm ▪

min read – with

Volatility is again in the news in the cryptosphere recently. After Jerome Powell announced an interest rate hike at the Fed to end inflation, their prices fell again in several currencies. Although he seemed calm, even inclined bullish “, several days before. For the CoinMarketCap community, Solana will soon surprise enthusiasts.

Solana (SOL) will earn an additional $11.27 by the end of September

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

With this tool, users will avoid asking for asset price data in chat groups. Therefore, they will have at their disposal the average amount of estimates for the cryptocurrency they are fans of.

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

SOL price forecast for the end of September – Source: CoinMarketCap

Thus, 1,706 members from this community made this prediction: the SOL token will trade at a median price of $43.48 during this same period. That’s a 35% increase, which equates to an extra $11.27. Probably, they estimated a price around $32.21 sometimes.

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

Solana Price Analysis

Today, Cryptonomist analyzed the prices of 3 cryptocurrencies which are bitcoin (BTC), ether (ETH) and solana (SOL). As for Solana, it was reported that its price ended at just $0.28 yesterday, to close its daily candle at -$0.97.

So Solana bullish traders will be interested in raising this price from 1.236 to reach $41.72. In fact, this is their main purpose. The secondary target is 0.786, or $54.35.

SOL/USD 1 day chart – Source: Cryptonologist

As a reminder, this secondary objective is the highlight of SOL’s recent relief rush.

To say that last year, on the same day, the Solana posted a price of 108.38 dollars per unit. In the last 30 days, its average price was $38.95.

What do cryptocurrency analysts think?

Altcoin Sherpa disagrees with CoinMarketCap’s public opinion. Here is his opinion:

I think a drop to $25 is coming. If we look at this as an accumulation zone (I’m personally skeptical), these declines are being exploited again. And if we only think that it is bearish, then those lows (or even lower) are coming too. So yes, lower no matter what. »

Bearish trend estimated by Altcoin Sherpa

With this price hovering around $32, along with its evolution since August 26, an uncontrolled fall in SOL is expected.

However, the “Ethereum killer” had posted a Relative Strength Index (RSI) of 36.60, which commanded strong demand from buyers. As a result, observers look relatively confident in an uptrend rather than a bearish trend. For them, this renewed strength will surely come if bitcoin manages to hold above $20,000.

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