September has traditionally been a successful month for Solana, showing significant achievements over the past few years. However, the current market state raises concerns.
Historical Performance of Solana in September
Data from CryptoRank shows that September has consistently demonstrated positive dynamics for Solana since 2021. In 2021, the token rose by +29%, in 2022 by +8%, and in 2023 by +12.5%. This makes September an average month with an increase of about +17%.
Short-term Bearish Market Structure
Despite long-term positive trends, short-term indicators remain concerning. Currently, Solana is trading around $199.84, below key moving averages, indicating bearish pressure. A drop below the support level at $200 could lead to further losses.
Overall Market Situation and Outlook
As it stands, the price of Solana is $198.80 with a 24-hour trading volume of $5.95 billion. Current data shows a decline of -2% over the last 24 hours. However, historical September data and profitability metrics bring moderate optimism regarding future trading prospects.
September historically remains a successful month for Solana, but short-term bearish signals require careful monitoring of support and resistance levels.
