Is Solana following Ethereum? The price of SOL continues to decline against Bitcoin.
Solana's price may see further declines in Bitcoin as analysts draw parallels with the decline in Ether's price to Bitcoin. Can Solana hold above $120 support?
SOL/BTC headed for further decline: analyst
According to Benjamin Cowen, CEO and founder of “Into The Cryptoverse”, the price of Solana (SOL) may see a further decline compared to the price of Bitcoin (BTC).
In a September 17 X post, Cowen wrote:
“SOL maxis are too busy laughing at ETH to realize that SOL/BTC is following ETH/BTC.”
SOL/BTC and ETH/BTC, 1-week chart. Source: Benjamin Cowen
Cowen's analysis comes a day after the price of ether (ETH) hit a three-and-a-half-year low last seen in 2021.
Others fear that technical analysis, which can be adjusted below $100, could do more damage to Solana, including anonymous trader crypto hodler. In the September 17 X post, they shared the chart below.
SOL/USDT, perps, 1-day chart. Source: Crypto Hodler/X
Related: Analysts Eye $92K BTC As Bitcoin Set For 3-Month Historic Rally
Can Solana hold support above $120?
While there are concerns about a possible correction, others expect a trend reversal, including prominent analyst Atlas who wrote in a September 16 X post:
“Think we're setting up a reversal trend in the weekly close.”
SOL/USDT, 3-day chart. Source: Atlas/Ex
Others believe Solana's chart is in “better shape than Ethereum,” including crypto analyst Patrick H., who wrote in a September 17 X post:
“We can see a clear support area between $125 and $118 that will continue to hold during major market corrections. That is a clear buy position for me, prices below $118 are very tight.”
SOL/USD, 1-week chart. Source: Patrick H/X
However, Solana would need to raise above $162 for a higher upside potential loss, which is strong resistance, the analyst added.
Prominent crypto trader Wagmisaurus Rex remains bullish on SOL prices as long as it holds $120 support, the trader shared in a September 17 X post.
SOL/USDT, 1-month chart. Source: Wagmisaurus Rex/X
Solana's price is down 48% from a record high of $260 three years ago on November 6, 2021.
Related: Bitcoin Poised for Volatility Ahead of US Interest Rate Decision – Analysts
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
