By Alicia Maher
SOL’s price might sink by 26% following a decline beneath another crucial level. Solana’s native token has been rejected at higher price ranges, with a decline to $129 now imminent.
SOL’s Bearish Outlook
SOL’s 12-hour chart on Friday indicates that SOL is now at the lower boundary of the descending parallel channel of $178 price levels. Thus, indicating a bearish signal. If the bulls fail to rescue the token at this price point, technical indicators predict that SOL might make a 26% decline to trade at $129.
The 0.618 fib retracement levels of $169 represent one of the SOL’s crucial resistance price levels. The others are found at its October 6 and 11 highs of $153 and $163, respectively. However, its first crucial resistance would be the 0.786 fib retracement levels corresponding to $146.5. Conversely, if the bears remain in control (which indicates that the bulls’ rescue mission has failed), SOL may continue its decline towards $129.
12-hour chart SOL/USDT. Source: TradingView
But if the bulls’ rescue mission is successful, SOL would first need to flip its first crucial resistance into support before it can embark on a strong bullish run. As SOL makes its bullish run, it would need to overcome higher resistance price levels of $186 and $187, which would be found at the 100-day EMA and 0.50 fib retracement levels, respectively.
Once it overcomes the resistances mentioned above, SOL would still need to overcome the resistance price range at the 12-day EMA ($199) and the one at the intersection between the 0.383 fib retracement levels and the 25-day EMA ($203.5). If SOL surges past these resistance levels, its next crucial resistance will be the 50-day EMA at $213. Intense buying pressure from the bulls may frustrate the bear, trigger SOL’s strong bullish momentum and push towards the $250 price range.
Solana Labs Support Opera’s Efforts To Be A Crypto-Browser
Opera has announced a collaboration with Solana labs to challenge Brave’s authority as the king of crypto-browsers. The partnership agreement is for Opera users to have a fully compatible DApps wallet.
Opera joins forces with @Solana!🚀 The integration will enable Opera Android users to enjoy seamless access to Solana DApps alongside low-fees and fast transactions within the ecosystem. You’ll be able to access it through Opera in Q1 2022. Learn more: https://t.co/XRkHUSYrLZ pic.twitter.com/viRDwpQwEq
— Opera (@opera) December 10, 2021
Per the announcement, Opera users will start accessing the feature on or before March 2022. The Opera-Solana partnership may have been triggered by Opera’s main competition in the crypto-browser space (brave browser) and the current excitement regarding Web3.0.
While it is typical for this kind of news to cause a rise in the value of the digital asset involved, SOL’s price hasn’t been affected by this news. As of this writing, SOL currently trades at $172, 34.5% below its peak price.
The Web3.0 Excitement
Recently, the news and excitement surrounding Web3.0 have been high, a blockchain internet technology with top blockchains such as Solana already at the forefront of its development. There are already Web3.0 browsers, with Brave browser being the most recognized amongst other Web3.0 browsers. The brave browser is built on its blockchain network and has its governance token (BAT token).