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Cryptocurrency News Articles
Will Solana (SOL) Hold Its Own Against Bitcoin (BTC) or Plunge Like Ether (ETH)?
Oct 01, 2024 at 01:31 am
Analysts are divided about Solana's next trending move. While some expect the price to decrease, others believe a breakout could be possible.
Solana (CRYPTO: SOL) loyalists believe the blockchain is an Ethereum (CRYPTO: ETH) killer; hence, comparisons were bound to happen after Ether slid to a three-and-a-half-year low against Bitcoin (CRYPTO: BTC) last seen in 2021.
The question that arises is whether Solana will hold its own against Bitcoin or lose ground, mirroring Ether's performance.
Solana’s Next Move: Analysts are divided on Solana’s next trending move. While some expect the price to decrease, others foresee a breakout. Veteran trader Peter Brandt, in a Sept. 20 X post, highlighted Solana holding the $120 support, which could set it up for a “sizable advance.”
Crypto market data daily view. Source: Coin360
VanEck is also bullish on Solana. In a Sept. 25 report, the firm predicted Solana to reach $330, soaring to 50% of Ether’s current market capitalization. However, the report added that institutional investors were yet to fully recognize Solana’s advantages, possibly due to their reluctance to shift from blue chip coins like Ether.
Solana will also have to watch out for emerging competition, which could dislodge it as the top alternative layer-1 network to Ethereum. According to K33 Research analysts, Sui Network could become a rival to Solana.
Will SOL Hold Its Own Against BTC, Or Could It Plunge Like ETH? Let’s analyze the SOL/BTCチャート to find out.
SOL/BTC Weekly Price Analysis: The pair has formed a symmetrical triangle, which usually acts as a continuation pattern. As the price was trending higher prior to the triangle formation, the probability of a breakout is high.
SOL/BTC weekly chart. Source: TradingView
However, the flattish 20-week exponential moving average (0.0023 BTC) and the relative strength index (RSI) in the neutral zone do not give a clear edge to either the bulls or the bears.
If the bulls keep the price above the 20-week EMA, the SOL/BTC pair could attempt a break above the resistance line. If they succeed, the pair may begin the next leg of the up move to 0.0031 BTC and later to the pattern target of 0.0039 BTC.
This bullish setup will be negated in the near term if the price turns down and breaks below the triangle. That could sink the pair to 0.0018 BTC and later to 0.0013 BTC.
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