Today, Solana (SOL) tested the support level at $150.35, which might signal a renewal of its bullish trend.

SOL/USD Market Analysis

The current price of Solana is $154.63 with a market cap of $72.18 billion. Technical analysis indicates a double-bottom pattern, a potential bullish reversal signal. Breaking resistance between $157 and $159 could lead to further gains towards $180, $190, and $200. However, the risk of a drop to support levels of $130, $120, and $110 remains.

SOL/BTC Comparison

The comparison of Solana to Bitcoin (SOL/BTC) shows early signs of bullish divergence. Although Solana has yet to significantly outperform Bitcoin, stabilization in price action suggests a potential breakout. The analysis indicates that Solana could strengthen its position relative to Bitcoin soon. The medium-term outlook remains favorable for SOL/BTC growth.

Alternatives to Solana

While an imminent breakout for Solana remains uncertain, the cryptocurrency market as a whole is experiencing a bullish phase. Significant activity is observed among meme coins, such as Pepe Unchained, which is attracting substantial investment, having already raised over $19.7 million in presale.

Although Solana remains in consolidation, its potential for growth persists. Previous performances show substantial interest in this asset, and growth could continue if the resistance level is successfully breached.