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Is a Sub-$100 Solana Price Possible in September?

Is a Sub-$100 Solana Price Possible in September?

99bitcoins99bitcoins2024/09/02 21:09
By:Isaiah MccallSam Cooling

Is a Sub-$100 Solana Price Possible in September? image 0

As the crypto quarter closes, all eyes are on Solana (SOL) . With Bitcoin and Ethereum taking hits, Solana’s recent price has gotten wrecked, dropping to $128, sparking investor unease.

The token’s tumble below crucial supports has everyone questioning its early-year strength against the relentless bearish tide.

Solana has 0 inflows

No new money is flowing into the ecosystem

The VCs are cashing out

Time to face the music it’s over pic.twitter.com/7BVirhc5t4

— Imperator (@imperooterxbt) August 31, 2024

The latest market shakeup has Solana on the ropes, with bears busting through critical support like it’s nothing.

Investors, including Solana bulls like ourselves, are now left wondering if SOL will find its footing or tumble further, potentially eyeing a $100 mark. Still, a bullish RSI divergence offers a sliver of optimism for a rebound.

Technical Indicators Signal Caution for Solana Price Prediction

With the MACD flashing red, Solana faces an escalating bearish tide.

If this relentless selling pressure continues – in this purgatory before Federal rate cuts – it threatens to undermine any upward movement in SOL’s price.

Is a Sub-$100 Solana Price Possible in September? image 1 ( X )

Moreover, Solana’s market turbulence is evident, with rising open interest pointing to aggressive shorts against a backdrop of prolonged negative funding rates.

The bearish sentiment is matched by dwindling on-chain activity. DEX volumes have plummeted to a six-month low , reflecting a broader disinterest and challenges within the ecosystem as the meme coin fervor fades.

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The Path Forward: Key Levels to Watch

Solana’s got its back against the wall, struggling to hold the $127 support line. This level has been a launchpad, but slipping here could mean nosediving to $110.

Below that, the danger zone stretches to $98-$104. Yet, if Bitcoin and the market catch a break in Q4, Solana might dodge a plunge below $100.

Solana is at a crossroads, with the market’s turbulence setting the stage for a crucial test. Investors are zeroed in on support levels and tech signals, waiting to see if Solana can steady itself or buckle under pressure.

This is a critical moment for SOL, yet at 99Bitcoins, we believe by year’s end, nobody will even remember this bump in the road.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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