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

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

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

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

With this tool, users will avoid asking for asset price data in chat groups. Thus, they will have at hand the averages of the estimates for the cryptocurrency of which they are fans.

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

SOL price prediction for 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 $11.27 more. Probably, they considered a price around $32.21 on occasion.

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

Solana Price Analysis

Today, Cryptonomist made an analysis of 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.

Solana bullish traders will therefore have an interest in lifting this price from 1.236 in order to reach $41.72. Indeed, this is their main objective. The secondary target is 0.786, or $54.35.

SOL/USD 1-day chart – Source: Cryptonomist

As a reminder, this secondary objective represents the recent high reached by SOL in a recent relief rally.

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

What do cryptocurrency analysts think?

Altcoin Sherpa does not agree with the opinion of the CoinMarketCap community. Here is his comment:

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

Bearish trend estimated by Altcoin Sherpa

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

Still, the “Ethereum killer” had posted a Relative Strength Index (RSI) of 36.60, stipulating strong demand from buyers. As a result, observers seem rather confident on an upward trend rather than a bearish one. For them, this renewed strength will certainly come if bitcoin manages to hold above $20,000.

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