- Analysts Predict SOL/BTC Downside
- Can Solana Hold Above $120?
- Optimistic Forecasts and Key Support Levels
Solana's price may see further downside against Bitcoin as analysts draw parallels with the recent Ether drop against Bitcoin. The question is whether Solana can hold above the $120 support level.
Analysts Predict SOL/BTC Downside
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." Ether's (ETH) price against Bitcoin hit a three-and-a-half-year low last seen in 2021.
Can Solana Hold Above $120?
Despite concerns over potential correction, some expect a trend reversal. Popular analyst Atlas wrote in a Sept. 16 X post: "Think we are setting up for a reversal trend by weekly close." Others believe the Solana chart is in a “much better shape than Ethereum.” Crypto analyst Patric H. 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."
Optimistic Forecasts and Key Support Levels
Solana would need to rise above $162 for a potential upside breakout, which remains a significant resistance. Popular crypto trader Wagmisaurus Rex also remains optimistic about SOL’s price, as long as it holds the $120 support level. Solana’s price remains over 48% down from its all-time high of $260, recorded three years ago on Nov. 6, 2021.
Solana faces potential downside against Bitcoin despite some optimistic forecasts from analysts pointing out possible support and resistance levels. It remains to be seen whether SOL will hold above $120 and break $162 for a reversal upwards.
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