Is this Coinbase collaboration a news selling event?

  • Solana’s price hints at an ongoing bearish decline.
  • Solana DAPPs are officially accessible on the Coinbase platform.
  • The invalidation of the bearish thesis is a breach above $48.

Solana’s price is showing bullish market sentiment, but the technicals have yet to react.

Price points Solana south

Solana’s price is currently selling at auction for $35.44, 85% below its all-time high of $258. In August, the centralized smart contract token saw a 26% surge before bears returned to the market to reject the price. Amid the current rejection, the volume profile indicator appears to be decreasing, which is a positive sign for bulls.

Yet two fractals of Solana’s past market behavior have been used since July to gauge which direction SOL price intends to go in the near term. The bearish fractal shows more dominance, hinting that a landslide could occur for $30 if the fractal continues to exhibit replicated behavior.

SOL/USDT 1-Day Chart

Despite the bearish leniency, the Solana network is making efforts within the community. This week, FXStreet author John Isige announced that Solana Decentralized Applications (DAPPs) have officially been made available to Coinbase users. The Coinbase and Solana collaboration will allow millions of new users to participate in NFT and other crypto-oriented protocols.

Still, the technicals will need a reactionary response to the bullish news that has yet to arrive. The bearish fractal targets $28 in the near term. The downtrend invalidation is a break above $48. If the bulls can breach this barrier, they could induce a buying spree targeting $70, which would result in a 100% increase from Solana’s current price.

Watch the following video where FXStreet analysts speak what kind of impact will the ethereum merger have on cryptocurrency trading.