- The price of Solana shows a bearish decline in production.
- Solana dApps are officially accessible on the Coinbase platform.
- Invalidating the bear thesis is a breach above $48.
Solana’s price reflects optimistic market sentiment, but technicians have yet to react.
The price of Solana points south
Solana is currently trading at $35.44, down 85% from its all-time high of $258. In August, the centralized smart contract token witnessed a 26% rise before bears returned to the market around the price to push lower. Amid the current rejection, the Volume Profile indicator appears to be slowing, which is a positive sign for the bulls.
However, two fractals of SOL’s past market behavior have been used since July to determine which way the SOL price wants to go in the short term. The bearish fractal is showing more dominance, suggesting that a mudslide may occur at $30 if the fractal continues to show pattern behavior.
Despite the delay, the SOL network within the community is trying. This week, writer John Isige broke the news that SOL decentralized applications (DAPPs) have officially been made available to Coinbase users. The collaboration between Coinbase and Solana will enable millions of new users to engage in NFT and other crypto-focused protocols.
However, the technology should be the answer to the optimistic news yet to come. The bearish fractal is $28 in the short term. A bearish reversal is a break above $48. If the bulls break this barrier, they could trigger a buying frenzy at $70, which would result in a 100% increase from SOL’s current price.