Does it Make Sense to Invest in Solana in October 2022?

Does it Make Sense to Invest in Solana in October 2022?

witherIt is trading around $34 in October 2022 and has been mostly sideways trading as of Monday. SOL price has been trading steadily between $32 and $34 since late September, with no signs of a rally. SOL may be accumulating in the last 30 days and may explode or reverse in the coming days.

Leading crypto analyst Altcoin Sherpaclaimed that Solana is currently in “accumulation” mode on her 185,000-follower Twitter account. The analyst predicts that SOL will rise from now on in October 2022 as it has been in the same range for months.

Does it Make Sense to Invest in Solana in October 2022?

“SOL: I think it’s in a build-up phase. It has tight candles with low volatility and has been changing for months. I think the next big move will be upwards.”

How High Can Solana Rise in October 2022? As we reported, while leading crypto analysts predict that Solana could rise even higher in October 2022, the market reality looks dramatically different. While Solana’s low trading volume is a cause for concern, the bulls are far from gaining the upper hand on momentum. On Friday alone, Solana’s trading volume is down 7% and the trend remains the same this month.

Even if Solana starts making moves in the coming days, it may face resistance at $38. SOL has been repeatedly rejected at these levels since August and failed to break above $38.

Solana price movement

Entries to Solana have remained relatively low since August 2022 compared to 2021. Investing can be risky as markets are currently trading under global macroeconomic conditions that are tightening the grip of the downtrend.

Therefore, Solana, along with leading cryptos like Bitcoin and Ethereum, will most likely fail to recover in October 2022. It is recommended to wait and watch further economic developments before investing in Solana.

At the time of writing, Solana was trading at $33.45 and was down 2.5% in 24-hour day trading. SOL is trading down 87.1% from its all-time high of $259, which it reached in November last year.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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