Solana’s price has been under pressure, drawing comparisons to Ethereum’s recent slump against Bitcoin. Market analysts are closely watching whether Solana can hold above the crucial $120 support level, which could prevent a potential drop below $100.
According to Benjamin Cowen, founder of Into The Cryptoverse, Solana’s price action against Bitcoin is mirroring Ethereum’s past struggles. He pointed out in a recent post that while Solana enthusiasts may be focused on Ethereum’s decline, SOL/BTC is actually following a similar downtrend.
Other analysts, like Crypto Hodler, also warn of further downside risks, potentially taking Solana’s price below $100. Despite these concerns, some traders, such as Atlas, believe Solana is nearing a trend reversal, pointing to signs of strength around the $120-$125 support zone.
For Solana to break out of its current slump, it would need to rise above the $162 resistance level, a significant hurdle according to analysts. However, if the $120 support fails to hold, a deeper correction could be in play. Solana remains 48% down from its all-time high of $260, leaving the market to closely monitor its next move.
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