According to Cointelegraph, Solana's (SOL) price may experience further decline against Bitcoin (BTC), as analysts draw parallels to Ether's (ETH) recent slump against Bitcoin. Benjamin Cowen, CEO and founder of Into The Cryptoverse, highlighted this comparison in a Sept. 17 post, noting that SOL/BTC is mirroring ETH/BTC's behavior.
Cowen's analysis follows Ether's price hitting a three-and-a-half-year low against Bitcoin, a level last seen in 2021. Other analysts, including pseudonymous trader Crypto hodler, foresee more downside for Solana, with technical analysis suggesting a potential drop below $100. Despite these concerns, some analysts anticipate a trend reversal. Popular analyst Atlas expressed optimism in a Sept. 16 post, predicting a reversal trend by the weekly close.
Crypto analyst Patric H. also sees potential for Solana, noting a clear support area between $125 and $118 that has held during major market corrections. He considers this a buying area, with invalidation tight below $118. However, for a potential upside breakout, Solana would need to rise above $162, which remains a significant resistance level.
Popular crypto trader Wagmisaurus remains optimistic about Solana's price as long as it holds the $120 support level. Despite the current challenges, Solana's price is still over 48% down from its all-time high of $260, recorded 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.
