Solana, a popular alternative cryptocurrency, may face a significant downturn against Bitcoin if current trends continue.
Current Market Situation of Solana
Currently, Solana is valued at 0.00158 BTC, which is approximately $133.16. Just a week ago, this number was 23% lower, as Solana has lost 54% since the beginning of the year in a steady decline against Bitcoin.
Impact of Institutional Investments
Solana's recent strength may be linked to the launch of the first Solana ETFs in Canada, helping the altcoin outperform other assets in the crypto market. However, this period of prosperity may be coming to an end as the 23-day moving average has started to drop toward the 200-day moving average, which may lead to the formation of a 'death cross' in the coming weeks.
Future Forecasts
Considering the timeframe is weekly, the emergence of this ominous pattern may break the uptrend of Solana against Bitcoin. Solana may test previous lows against the major cryptocurrency at 0.001 BTC per SOL, which could mean a price drop to as low as $83.
Overall, even if Solana withstands recent market turbulence, its performance against Bitcoin makes it a less preferable asset to hold right now.
