Solona’s price started today’s trading session with an aggressive bearish trend, going down by almost 3 per cent in the early hours. However, in the past few hours, intraday trading has pushed the crypto up to its current price of less than a percentage point price gain.
More than a week after the Ethereum merge, there were expectations that we might start to see Solana’s price starting to underperform in the markets due to it being one of the main competitors of Ethereum. However, despite the improvement in the Ethereum network, Solana has continued to outperform its major competitor, gaining almost 20 per cent against the Ethereum network.
However, despite overperforming the Ethereum network, the SOLUSD price has traded in a choppy market for the entire month. Part of the reason for the lack of movement in the markets has been due to the choppy markets of the entire cryptocurrency industry, which has also seesawed around the $1 trillion market capitalization.
Solana being significantly correlated with the industry; therefore, each time the industry is stuck in a bearish or a horizontal market, Solana’s price has also been dragged along.
Looking at today’s trading session on the chart below, Solana opened the markets aggressively bearish, dropping by almost 3 per cent. However, in the past few hours, the prices have started to go up, and it is now up by less than a percentage point.
Despite the surge in price due to intraday trading, my Solana price prediction expects it to continue with its current sideways market for the next few trading sessions. Therefore, there is a high likelihood that the price gain made in today’s trading session, if it ends up closing above the percentage point price gain, is likely to be wiped tomorrow or the following trading sessions. My analysis will be invalidated should Solana’s price move past $40. At that point, it will be clear that a new bullish trend has been established.
This post was last modified on Sep 28, 2022, 16:31 BST 16:31