The cryptocurrency markets are on the back foot in September as Ethereum fell below the $1,300 mark despite the Merge. Bitcoin is now trading at $18,800 and is at risk of plummeting further in the indices. However, despite the sluggish market conditions, investors seem to be bullish on Solana. The crypto community expects a positive move for Solana in September 2022. The community at CoinMarketCap has estimated that Solana will reach $43.48 by the end of September 30, 2022.
Solana is currently trading at $31 and needs to jump nearly 30% from its current price to reach the target. SOL is $12 away from the target with only 10 days left for the month to end.
Also Read: Here’s How Many Times Bitcoin was Declared ‘Dead’ Since its Inception
Solana Prediction: Can the Price Target Be Accurate? Here’s our Take
While the community has estimated Solana’s price prediction for September 2022, it’s unlikely that SOL could spike 30% from here. SOL is facing resistance at $37 since August and the crypto has been unable to breach the $40 mark. The markets are not bullish as the next few days could most likely remain choppy.
The global stock markets and the cryptocurrency market are now on a high-tension wire. The Federal Reserve Chair Jerome Powell is likely to raise interest rates on Wednesday. Dow Jones crashed 313 points on Tuesday and the Asian markets are trading in the deep red today.
The crucial meeting will most likely send the crypto and the stock markets downward this week and reach new lows. Therefore, Solana could head south rather than shooting up in price in September 2022. Taking an entry position now in the hopes of a market rally is quite a risky affair.
Also Read: Will Bitcoin Sink Below $12,000 in 2022?
At press time, Solana was trading at $31.63 and is down 2.9% in the 24 hours day trade. SOL is down 87.9% from its all-time high of $259, which it reached in November last year. The crypto has only been plummeting in the indices since then showing little to no signs of recovery.