Key Takeaways:
- The Solana price closed the previous day’s trade at $32.16 with a market capitalization of $11.13 billion and a circulating supply of 349.83 million SOL
- The SOL price has plateaued hard, without attempting to break above the consolidation, yet manages to trade above the crucial support levels
Solana(SOL) PRICE & Technical ANALYSIS
| Current Price | $31.62 |
| SOL Price Prediction for Today | $34.5 |
| Volatility | 13.54% |
| 50-Day SMA | $38.84 |
| 14 Day RSI | 38.79 |
| Sentiment | Bearish |
| Fear and Greed Index | 23 (Extreme Fear) |
| Green Days | 13/30(43%) |
| 200-Day SMA | $63.54 |
Solana Technical Analysis for September 2022
Solana price is trading above $30 at $31.24, respecting the lower support from the past week. With the recent price slash, the asset dropped heavily and could be waiting for the right opportunity to rebound. While the technicals are in favor of a notable upswing, the bears may continue to maintain significant pressure over the asset.
The RSI has bottomed hard, while MACD is closer to turning bullish. The volatility is pretty less and hence if the price rebounds may remain elevated for some time ahead. However, the asset has surpassed the pivotal 50-day MA levels in STF, indicating a short-bounce fast approaching.
Additional Read: Solana Technical Analysis
Solana Technical Analysis at a Glance
Solana price has dropped more than 88% from its highs in the past 8 months, while the bearish trend in the past 3 months has intensified. The asset is trading within the fixed zone, without attempting a breakout. In the coming days, if the market sentiments ease a little, then the asset may rebound and reach immediate resistance, else could continue hovering within predefined levels ahead.
| Short-Term | Despite a low-key price trend, the SOL price managed to hover within an average level, but may soon drop with a notable margin |
|---|---|
| Mid-Term | The Solana price in the mid-term is closer to being bullish and rising with a notable margin |
| Long-Term | The asset here is attempting to ignite a recovery phase, however, the supporting buying volume is pretty less than required |
Will SOL Price Reach $35 Today?
Solana price largely remained elevated through the previous trading day but faced a slight rejection at the end of the day’s trade. No doubt the price raised to reach $32 but failed to sustain above these levels and dropped below $31.5 levels. The selling pressure has accumulated and hence the price may remain consolidated until the day’s close.
On the brighter side, if the asset increases its volatility, the price movements may also be redirected towards the north. In such a case, the SOL price may close the day’s trade close to $32 and even may surpass these levels.
Will SOL Price Reach $60 by the End of the Month?
Ever since the price slashed during the beginning of April trade, the asset has remained heavily bearish. Therefore, the investors seemed to have distinct from the asset to a large extent as the addresses & the social volume have dropped heavily. While the volume is notably high, the bears have largely dominated.
Currently, SOL price is not flashing any significant upcoming trend as the prices are constantly trading along the support without any positive outlook. Therefore, in the upcoming days, the price may continue swinging within the predetermined range for sometime before deciding on the upcoming trend.
Therefore, the Solana price prediction for the month is between $35 to $40.
Solana Price Prediction: Price Trend Comparison with Polkadot(DOT)
Source: Tradingview
- Polkadot & Solana more or less work on the same principles, to build a strong, secured, decentralized space
- Both the assets maintained a notable price action until the last few days of August, as SOL price displayed huge weakness
- The DOT price raised to the highs around +10% and currently trading at -12.93% while the SOL price continued to drop from +5% to the present levels around -29.15%
- Woefully, both the asset are heading towards the south, displaying a notable bearish momentum.
Additional Read: Polkadot Price Prediction
Solana Price Prediction: 2022, 2023, 2024, 2025
Solana price is expected to gear up in the coming days as the price is expected to breach the initial target at $40 and later at $50 very soon. By the end of the Q3 trade, the price may remain elevated, aiming to sustain above gained levels.
Expecting a bullish close for the year, the SOL price is expected to raise significantly in the coming years.
| Year | SOL Price Forecast |
| 2022 | $67 to $78 |
| 2023 | $150 to $210 |
| 2024 | $250 to 330 |
| 2025 | $300 to $350 |
Solana News Today
- In a recent move on Github, Solana platform has incorporated a new language called Move into its development strategy. Therefore, the declining development activity has plateaued to some extent.
- Coinbase Cloud recently launched.a Solana Archival Nodes which is a tool that facilitates building products & services on the network. They are secure & dedicated infrastructure nodes.
Solana Archival by @CoinbaseCloud 🤯
Our most recent launch lets glass eaters pop some bubblegum instead. Builders can now examine historical address balances, run complex queries, and simulate the blockchain state at any given point in the chains history https://t.co/ZslmvMG2jI
— Viktor Bunin 🛡️ (@ViktorBunin) September 5, 2022
Additional Read: Solana Blockchain Network Failures