Solana showed solid performance in August, while September begins with weakening market conditions. An analysis of current trends in pricing and predictions.
August Price Increases of Solana
Solana is trading just below $200, around $198, having slipped over 3% in the last day. However, over the last 30 days, Solana has gained nearly 20%, despite market volatility.
Weak Buying and Aggressive Profit-Taking
Changes in Solana's buying activity on spot markets indicate decreasing investor confidence. On August 11, there was a significant outflow of $301 million, but since then, this figure has plummeted to around -$77 million. Simultaneously, profits of nearly $1 billion were realized by investors when the price broke above $210, creating significant resistance for further growth.
September Price Forecast for Solana
Despite the cooling of spot demand, derivative market activity is on the rise. Solana is currently trading near $198, just above the key support level of $196. If this support holds, a retest of $208 and $217 could follow, paving the way for a journey to $300. However, a breach of the $175 level would invalidate the bullish outlook.
The price prediction for Solana suggests that while the goal of $300 remains possible, September may serve as a testing ground. Demand dynamics and profit-taking will shape short-term prospects.
