The crypto community expects Solana to rise in late September

Disclaimer: CoinMarketCap’s crypto community price estimate is based on users’ vote only. Estimates do not guarantee prices at the end of the month.

With the entire cryptocurrency market facing strong levels of volatility in the wake of Jerome Powell’s recent news of higher interest rates to curb inflation, cryptocurrency investors and traders are trying to estimate where Solana’s decentralized finance (DeFi) (SOL) trade will take place at the end of September.

The CoinMarketCap community has made a bullish forecast, estimating that the SOL token will trade at an average price of $43.48 by September 30, 2022 – using the site’s “price estimation” feature.

With this forecast, Community Voices predicts that the price of the “Ethereum killer” will rise by as much as 35% or $11.27 by the end of September from its current value at press time.

Solana price forecast for September. Source: CoinMarketCap

A total of 1,706 community members cast their predictive votes, reaching the estimate above.

Crypto analysts’ judgment on SOL

However, cryptanalysts Altcoin Sherpa Think A public blockchain platform with smart contract capabilities is likely to return to its low $25 range.

“I think a run on that $25 is coming. If we see this as an accumulation range (I am personally skeptical), then those lows will be eliminated again. And if we think it is bearish, those dips (or even lower) will come in as well. So Yes, less no matter what.”

Altcoin Sherpa Bearish SOL Target. Source: Altcoin Sherpa

At press time, SOL is trading around $32 per move Altcoin Sherpa The target represents a downside risk of over 20% to rival Ethereum (ETH).

It appears Solana is trying to break out of the recent recession. Despite calling itself the “world’s fastest blockchain,” its pace since August 26 has been heading toward an uncontrolled drop in prices.

sun chart analysis

SOL was able to get the level back at $32, although it couldn’t get to $36.31 at any time. Increasing string metrics wasn’t the only factor contributing to SOL’s rise. An analysis of price momentum also found some encouraging signs to watch.

According to the Relative Strength Index (RSI), SOL is trading at a level indicating strong demand from buyers. The RSI value was 38.60 at the time of publication.

Solana RSI. Source: CoinMarketCap

At this point, the probability of SOL continuing its upward trend appears to be higher than the possibility of a major downward correction, but this likely depends on whether Bitcoin (BTC) can maintain support above $20,000.

warning: The content of this website should not be considered investment advice. Investments are speculative. When you invest, your capital is at risk.

The post-Crypto community anticipates that Solana price bullish in late September first appeared on Coinphony.

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