Solana (SOL) price could see more downside against Bitcoin, as analysts draw similarities to the Ether (ETH) price slump against Bitcoin (BTC). Can Solana hold above the $120 support?
SOL/BTC headed for more downside: analyst
Solana’s price could see more downside against Bitcoin's price, according to Benjamin Cowen, the CEO and founder of Into The Cryptoverse, who drew comparisons to
Cowen wrote in a Sept. 17 X post:
“SOL maxis are too busy laughing at ETH to recognize that SOL/BTC is just following ETH/BTC.”
SOL/BTC and ETH/BTC, 1-week chart. Source: Benjamin Cowen
Cowen’s analysis comes a day after Ether’s (ETH) price against Bitcoin has hit a three-and-a-half-year low last seen in 2021.
Others fear more potential downside for Solana, including pseudonymous trader Crypto hodler, whose technical analysis suggests a potential correction below $100. He shared the below chart in a Sept. 17 X post.
SOL/USDT, perps, 1-day chart. Source: Crypto hodler
Can Solana hold above $120 support?
Despite the concerns over potential correction, others expect a trend reversal, including popular analyst Atlas, who wrote in a Sept. 16 X post:
“Think we are setting up for a reversal trend by weekly close.”
SOL/USDT, 3-day chart. Source: Atlas
Others believe that the Solana chart is in a “much better shape than Ethereum,” including crypto analyst Patric H., who wrote in a Sept. 17 X post:
“We can see a clear support area between $125 and $118 that continues to hold during major market corrections. That is a clear buying area for me, with invalidation tight below $118.”
SOL/USD, 1-week chart. Source: Patric H.
However, Solana would need to rise above $162 for a potential upside breakout, which remains a significant resistance, added the analyst.
Popular crypto trader Wagmisaurus also remains optimistic about SOL price, as long as it holds the $120 support, the trader shared in a Sept. 17 X post.
SOL/USDT, 1-month chart. Source: Wagmisaurus
Solana price remains over 48% down from its all-time high of $260, recorded three years ago on Nov. 6, 2021.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
