Ethereum Despite its recent major “The Merge” update, it dropped below $1,300, helping to create a negative outlook for the entire market. On the other hand, even though the biggest cryptocurrency Bitcoin is at $ 18,800, the indices continue to drop further. wither community offers a different estimation on this matter.
Investors, on the other hand, continue to maintain a bullish outlook for certain cryptocurrencies despite the recession in the market. “Price expectation forecast”, a feature of CoinMarketCap, has recently revealed an interesting result. The community thinks that Solana price could reach as high as $43.48 in September 2022.
At the time of writing, the Solana price was hovering around $31 and needs to bounce 30% to hit the aforementioned $43 target. The end of the month is less than 10 days away, and the price target is a substantial $12 away.
Can Solana Price Rise To Target Level?
Koinfinans.com As we’ve reported, if the community predicts Solana’s price forecast for the end of September 2022, it’s highly unlikely that SOL will increase 30% from these levels. SOL has been facing resistance at $37 since August and failed to break past the $40 level. The markets are unlikely to be bullish as the next few days are likely to remain volatile.
global stock markets and cryptocurrency market is currently located on a high voltage line. Fed Chairman Jerome Powell is expected to raise interest rates on Wednesday. The Dow Jones fell 313 points on Tuesday following this development and Asian markets are trading in the deep red today.
The meeting, which is highly anticipated by the markets, will most likely create a drop in the cryptocurrency markets and stock markets and bring new lows with it. Therefore, Solana may fall even lower in September 2022, aside from rising in price. Now taking an entry position in hopes of a market rally is quite a risky business.
At the time of writing, Solana was trading at $31.63 and was down 2.9% on the 24-hour timeframe. SOL is trading 87.9% lower than its all-time high of $259, which it reached in November last year. The crypto has since only dropped in indices, showing little or no signs of recovery.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.