Solana’s price could see more downside against Bitcoin as analysts draw similarities to the Ether price slump against Bitcoin. Can Solana hold above the $120 support?
SOL/BTC headed for more downside: Analyst
Solana’s (SOL) price could see more downside against Bitcoin’s (BTC) price, according to Benjamin Cowen, CEO and founder of Into The Cryptoverse.
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 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. They shared the below chart in a Sept. 17 X post.
SOL/USDT, perps, 1-day chart. Source: Crypto Hodler/X
Related: Bitcoin set for 3-month historic rally as analysts eye $92K BTC
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/X
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./X
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 Rex also remains optimistic about SOL’s 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 Rex/X
Solana’s price remains over 48% down from its all-time high of $260, recorded three years ago on Nov. 6, 2021.
Related: Bitcoin poised for volatility ahead of US interest rate decision — Analysts
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