Is Solana price dropping under $100 in September?

SOL price has lost support and closed multiple daily candles below the 200-day EMA for the first time since September 2023. This has raised concerns among investors on the future price trajectory of Solana.

Solana’s financing rate has remained negative for a week, its longest stretch since October 2023. A negative funding rate typically indicates a bearish market sentiment.

Declining on-chain activity has resulted in a $7.7 billion weekly DEX volume last week, marking a 6-month low for the ecosystem. This downtrend has been evident over the past month.

• SOL price closed below the 200-day EMA for the first time since September 2023.
• Solana’s funding rate has remained negative for a week, indicating bearish sentiment.
• Weekly DEX volume on Solana has dropped to a 6-month low of $7.7 billion.
• Analysts warn that SOL/BTC chart looks bearish, potentially leading to more declines.
• Critical support level for SOL is at $127, with a potential retest of the $100 zone looming.