Solana Faces Brutal September as Bearish Momentum Deepens, Experts Warn
Solana (SOL), lding cryptocurrncy known for its high trnsction spds nd sclbility, hs fcd chllnging August. Aftr strting th month t $171, th tokn plummtd to low of $110 on August 6th. Dspit prtil rbound, SOL rmins nrly 25% lowr t its currnt pric of $137. Anlysts wrn tht furthr dclins could b on th horizon in Sptmbr.
Tchnicl xprt Aln Sntn points to Solanas prolongd consolidtion phs, which hs lstd mor thn 5.5 months ftr rching multi-yr high. This consolidtion hs bn mrkd by dcrsing highs, suggsting growing brish sntimnt mong trdrs.
Trding volum nlysis furthr strngthns th brish outlook. Sntn highlights th spik in trding volum coinciding with th rly August pric dropth highst sinc Mrch. This surg in volum during dclin indicts strong slling prssur pushing prics downwrd.
Solana hs lso xprincd six conscutiv dys of ngtiv pric ction. Sntn wrns tht this prsistnt build-up of brish momntum could ld to significnt mrkt movmnt. Whn such forcs ccumult, thy oftn culmint in pronouncd mrkt rction chrctrizd by shrp dclin in lin with th dominnt trnd.
Sntn forcsts ths fctors lding to strong brish impuls, which historiclly prsists for svrl wks nd cuss xtndd mrkt downturns. This could potntilly driv SOL prics significntly lowr, with trgts t $88 nd vn $55.
Solanas Bearish Indicators Mount
Solanas tchnicl indictors furthr rinforc th brish outlook. Th tokn rcntly dippd blow its 20 nd 50 dy xponntil moving vrg (EMA). Additionlly, SOLs Rltiv Strngth Indx (RSI) hs rmind low throughout August, brifly incrsing mid-wk bfor flling bck to 40.32. This low RSI suggsts miniml buying prssur.
Coinglss dt rvls shift in sntimnt with futurs funding rts turning ngtiv on August 29th. Ngtiv funding rts indict tht brs r xrting grtr prssur. Furthrmor, SOLs wightd sgmnt lso turnd ngtiv, suggsting potntil invstor loss of confidnc.
Svrl prominnt cryptocurrncy nlysts, including psudonymous Trdr Ahmd on pltform X, hv prdictd brutl Sptmbr for SOL nd othr ltcoins. With conflunc of tchnicl indictors nd mrkt sntimnt lning brish, Solana fcs n uphill bttl to rgin its footing in th nr futur.
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Read more: https://www.tronweekly.com/solana-faces-brutal-september/
Text source: TronWeekly
