The Solana crypto price prediction is for the price to continue the recovery move if the break of 37.37 is achieved.
There are some factors that are supporting this outlook:
a) The double bottom pattern on the daily chart
b) The bullish engulfing pattern and the bullish outside day candles have breached the consolidation area to the upside.
On the fundamental front, Solana continues to attract new suitors. The latest of these is the Metaplex NFT marketplace. Metaplex is a marketplace that allows creators to mint and auction non-fungible tokens. Solana offers a cheaper alternative to do this, as the transaction costs of NFTs on the Ethereum network become more prohibitive.
Solana currently trades 11.08% higher, just above the $37 mark.
Technical Levels to Watch
The upside break of the consolidation area nullifies the bearish pennant formation and sets the template for price recovery.
The Solana crypto price prediction is for the price to aim for the 40.73 resistance (38.2% Fibonacci retracement from the 5 March swing low to 27 June swing high) in fulfillment of the measured move. This move would have to depend on the break of the 35.23 and 37.37 (26 May/3 June highs) resistance levels.
On the flip side, a rejection at 37.37 allows for a pullback towards 35.23. If the corrective decline continued below this level, 29.73 (61.8% Fibonacci retracement) and 24.05 will serve as additional targets to the south.
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SOL/USD Daily Chart
