On September 7, a number of coins experienced a crash. The prices of Bitcoin, Ethereum, and other altcoins fell, wiping out billions of dollars. Solana ‘s SOL Coin also experienced a crash on September 7, falling 17% from its opening price that day. However, the Coin quickly recovered and is now at its all-time high of $195.42. While the trend appears to be up, things could turn around quickly – if Bitcoin crashes again.
On September 7, Bitcoin fell about 19%, Ethereum fell 23%, and other altcoins plunged 40% or more! This crash proved fatal for many investors who were late to the trade. Long positions worth $2.44 billion went bust. Short positions worth $336 million also came to a dead end as the uptrend underwent a sudden reversal. In total, more than $5 billion worth of long positions were lost.
Despite the crash, the price of Solana’s SOL seemed largely unaffected. The coin made up for the 16% drop on a daily basis and closed in positive territory. After a few days, the daily candle remains green, showing signs of a continuation of this uptrend.
A recent report from Coinshares shows that Solana stood alongside Ethereum in September with an inflow of $13.2 million in Solana-backed products. This surge in demand represents a doubling of Solana’s total inflows so far this year.
Solana uptrend drives all-time highs
The rapid rally seen on September 7 shows investor interest in the SOL Coin. If this buying pressure continues, the price of Solana will quickly rise and reach its all-time high of $195.42 once again. Some believe the Coin could mark the 162% Fibonacci level and reach a new all-time high. </p>If
buy orders continue to increase at this rate, the price of Solana could climb even higher and retest the 127.2% Fibonacci extension level at $262.34
While now seems like a good time to invest in SOL. However, investors should be cautious due to the exponential rise. Solan’s RSI has been in overbought territory since August 13, and there are currently no signs that this trend will slow down.
If investors continue to seek profits and buying pressure eases, the coin could fall 18% to the 70.5% Fibonacci retracement at $142. It is also possible that the bears could make a close below $139.14, which would set up a deeper low. If this occurs, it could trigger a downside to the 50% Fibonacci level at $113.74.
Investors should keep an eye on the candlesticks and watch for sudden downtrends. They should also be wary of further crashes in the crypto market, which could affect the price of SOL.