Solana Price Prediction: More Struggles Ahead Before Recovery

The Solana price prediction in the near term does not provide much hope for optimism. This is despite the recent partnerships the project has entered into. 

Last week, the Solana network took in a new enterprise user. OpenOcean, a CeFi and DeFi aggregation protocol, signed up to the Solana network to offer an alternative DeFi aggregation system to other Solana-based aggregators. This may have expanded Solana’s ecosystem for decentralized finance, but it has not translated into more upside for Solana’s price.

Solana still derives a lot of its price action from market sentiment. At the moment, the FUD sentiment appears to have capped Solana’s price. The Solana price prediction is for the token to struggle a bit until the sentiment in the crypto market improves.

Technical Levels to Watch

The price pattern is that of a symmetrical triangle with a preceding downtrend. This pattern would favour a Solana price prediction of a breakdown of the triangle, targeting 24.00 initially, before 21.89 (78.6% Fibonacci retracement) and 18.98 come into the picture as potential targets to the south. 

On the other hand, a price break above the triangle negates the traditional expectation. 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 alive as new targets to the upside.

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Solana (SOL/USD) Daily Chart

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