Solana Price Prediction: Is this Coinbase collaboration a sell-the-news event?

Solana price shows optimistic market sentiment, but the technicals have not yet reacted.

Solana price points south

Solana price currently auctions at $35.44, 85% lower than its all-time high at $258. During August, the centralized smart contract token witnessed a 26% increase before the bears came back into the market to reject the price. Amidst the current rejection, the Volume Profile indicator does appear to be tapering off, which is a positive sign for the bulls. 

Still, two fractals of Solana’s previous market behavior have been utilized since July to gauge which direction the SOL price intends to go in the short term. The bearish fractal shows more dominance, hinting that a mudslide could occur for $30 if the fractal continues to display replicated behavior. 

SOL/USDT 1-Day Chart

Despite the bearish leniency, the Solana network is making strives within the community. This week FXStreet’s author John Isige broke the news that Solana decentralized applications (DAPPs) have officially been made accessible to Coinbase users. The Coinbase and Solana collaboration will enable millions of new users to participate in NFT and other crypto-oriented protocols.  

Still, the technicals will need a reactionary response to the optimistic news that has not yet arrived. The bearish fractal targets $28 in the short term. Invalidation of the bearish trend is a breach above $48. If the bulls can hurdle this barrier, they may be able to induce a buying frenzy targeting $70, resulting in a 100% increase from the current Solana price. 

Watch the following video where FXStreet analysts weigh in on what kind of impact the Ethereum Merge will have on cryptocurrency trading.