Other struggles to come before recovery
Solana’s short-term price forecast leaves little room for optimism. This despite the recent partnerships that the project has concluded.
Last week, the Solana network welcomed a new corporate user. OpenOcean, a CeFi and DeFi aggregation protocol, has joined the Solana network to offer an alternative DeFi aggregation system to other Solana-based aggregators. This may have broadened Solana’s ecosystem for decentralized finance, but it didn’t translate into more benefits for Solana’s price.
Solana still derives much of its price action from market sentiment. For now, FUD sentiment appears to have capped the price of Solana. The Solana price prediction is that the token struggles a bit until sentiment in the crypto market improves.
Technical levels to watch
The price pattern is that of a symmetrical triangle with a previous downtrend. This pattern would favor a Solana price prediction of a break out of the triangle, initially targeting 24.00, before 21.89 (78.6% Fibonacci retracement) and 18.98 are seen as potential targets to the south. .
In contrast, a price break above the triangle negates traditional expectations. This move directs the price towards 35.23 (50% Fibonacci retracement). Only a break of this resistance allows 37.37 and 40.73 (38.2% Fibonacci retracement) to come to life as new targets on the upside.
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