SOL Sell Orders Continue to Increase Despite Solana’s Recent Partnership with Spotify. Time to Diversify for Better Returns?

It becomes tricky when developments and major partnerships for a crypto project don’t translate into positive price performance. When the news broke of Solana’s partnership with Spotify, there were cheers and jubilations across the ecosystem with SOL investors getting renewed hope. However, the recent turn of events with sell orders rising leaves doubt in the minds of most investors and prospective ones. 

It remains to be seen if SOL’s price is about to rise, decline, or simply consolidate. And a significant part of the Solana ecosystem is now considering diversifying into this new revolutionary project for better returns.

How Will the Rise in Solana Sell Orders Following the Shopify Partnership Affect SOL’s Price?

Solana (SOL) is a well-known altcoin battling the prevalent bearish run with SOL’s price charts mainly favoring the bears in August.

First was the Solana (SOL) blockchain announcing a partnership with Shopify on August 23, this year. This strategic alliance would enable payments using USDT, a widely used stablecoin.

With this news, there were swift and tangible changes, as Solana’s (SOL) price took an encouraging 5.26% turn. The rise took SOL’s price from its recent low of $19.95 on August 23 to a more promising $21 on August 30. 

However, the positives recorded following the Shopify partnership couldn’t take out the air of caution influencing the sentiment of market observers. Now, analysts can see a prevailing bearish prediction for Solana (SOL) as sell orders are rising. This Solana price prediction comes as a result of the support from buyers as is evident in the daily charts, suggesting a corrective price event might happen soon.

Predicting SOL’s price in September, market analysts paint a picture of Solana (SOL) possibly falling below $19 and bouncing back. However, the bounceback depends on enthusiastic Solana (SOL) buyers who will maximize this downtrend for easy entry. Should this happen, the uptick might likely push Solana (SOL) beyond the $27 level.

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The Pikamoon presale announced Pikamoon to the crypto world and earned the support of industry experts and whales with a record-breaking stint

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