A rise in the price of BTC and a reduction in inflation in Europe would confirm predictions about the SOL. The market anticipates the meeting in December, hoping for a less aggressive decision by the Fed about interest rates.
Solana (SOL) has long been among the top 20 crypto assets by market capitalization, as its considerable publicity has attracted many enthusiasts.
Six months ago, the aggressive policies of Jerome Powell, the Fed chairman, caused the value of SOL to drop by about 95%.
The price of SOL swept away the accumulation zones of the enthusiasts entering for fear of missing out (FOMO). The operating system of the crypto asset suffered a significant outage, which prevented the community from making transactions.
SOL Is the Black Cat of Crypto Assets
After the market crash, SOL also suffered from over-collateralization within hedgefund Alameda Research. After becoming bankrupt, the latter entered a process of liquidation of its balance sheets, which harmed the crypto asset.
SOL seems to be amid accumulation, as its price has re-entered the previously tested zone. High volatility movements might define whether it will move upward or downward.
Following a bullish process, the relative strength index (RSI) is in a bearish area of 36.56%. There might be a We would expect a reversal before the price continues its course to the upside.
Since Bitcoin (BTC) always influences the crypto market, a rise in the price would confirm predictions about SOL for the coming weeks.
Higher stability by the Fed in December and a reduction in inflation in Europe would allow confirming that proposed scenario.
The Price of SOL Might Enter a Bearish Trend
Nobody should rule out that possibility, as those predictions rely on recently obtained information. However, the opposite might happen in the worst scenario, even with adequate risk management.
In the first weeks of December, the Fed might set aggressive market conditions, invalidating previous analysis. In addition, employment in the US might falter, and Russia might decide not to trade its commodities in Bitcoin.
Regardless of the scenario, the predictions about SOL might become invalid, as the market is always right. Therefore, the estimated target for the price of the crypto asset would be around USD 6.58
The market does not only expect the events related to the war and the adoption of cryptocurrencies in Russia. Investors are looking forward to the meeting in December, hoping for a less aggressive decision by the Fed about interest rates.
SOL is trading at around USD 13.44 and has accumulated a 1.1% loss over the last 24 hours. While its daily trading volume is above USD 159.00 million, its market capitalization is about USD 4.89 billion, according to CoinGecko.
Investors should research SOL or any other crypto asset before buying it to learn about its all-time high, behavior, and possible future prices. It is only a matter of time before seeing where the market will take the value of that crypto asset.
By Alexander Salazar
