Solana’s (SOL) price is facing increasing volatility, leading to suppressed profits. Analysis from BeInCrypto indicates a bearish month for SOL in September 2024.
Institutional investors have been bearish, withdrawing significant investments through August, resulting in $34.3 million in outflows by August 24. This trend is expected to continue into September.
Griffin Ardern from BloFin Research & Options suggests SOL might underperform, exhibiting higher volatility compared to Bitcoin and Ethereum due to its smaller liquidity pool.
Despite the bearish trend, SOL’s attractive narratives and applications, like meme coins, could potentially help it outperform Ethereum.
Its price is predicted to fluctuate within a consolidation zone between $126 and $160, with potential breakouts towards $169. However, significant consolidation between $186 and $126 may limit its upward movement.
