Solana (SOL), along with the rest of the cryptocurrency market, has faced a downturn during this bearish phase. Since the beginning of August, the SOL coin’s price has seen a considerable decline, dropping from its recent highs. This downturn has seen a significant drop in trading volume, signaling a decline in investor interest and activity.
At the time of writing, Solana is trading slightly below $130, positioned precariously near a lower resistance level that has been stable for a while. If the SOL Coin falls below the $125 support floor, it could trigger a substantial decline, potentially leading to further sell-offs and affecting market sentiment.
As the SOL coin faces a noticeable dip in its value, there are still some market optimists who remain bullish on Solana. The key question is whether it’s smart to “buy the dip.” With the remaining September month expecting a strong recovery for cryptocurrencies, SOL included, would it be wise to take advantage of the current dip?
Is Now the Time to Buy the Dip on Solana (SOL)?
Despite the recent market downturn, many investors have been consistently entering positions in Solana (SOL), leading to a surge in its trading volume and ongoing transaction activity. While the current trading momentum has slowed, it has the potential to pick up again at any moment.
As a result, price predictions for Solana (SOL) continue to look optimistic in September 2024. According to our expert’s analysis, the SOL Coin may rise in the charts and potentially reach $150 by the end of September. This prediction, when compared to the current price, is certainly feasible.
Our expert estimates that SOL could increase by nearly 17% by the end of month, reaching a target of over $150. If this estimate holds true, a $1,000 investment could grow to $1,170 by the end of the month. On the other hand, if the market experiences a significant bearish trend, the SOL Coin could drop to $120.
Solana (SOL) continues to be one of the best-performing cryptocurrencies in the market, even amid its recent downturn. Despite facing a slump, it has shown resilience compared to other major cryptocurrencies like Bitcoin and Ethereum, which are currently experiencing declines as well.
Moreover, if either Ethereum (ETH) and Bitcoin (BTC) were to experience a significant price rebound, it could serve as a strong catalyst for Solana’s recovery.
Also Read: Top 5 Ethereum Layer 2 Solutions Boosting Network Efficiency and Security
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
