Originally published on: September 30, 2024
Solana enthusiasts passionately believe that the blockchain has the potential to overshadow Ethereum, leading to inevitable comparisons. As Ethereum struggles against Bitcoin, the question arises whether Solana will prove resilient or face a fate similar to Ether’s.
The future trend of Solana remains uncertain, with analysts split on its next move. While some foresee a drop in price, others anticipate a possible breakout. Renowned trader Peter Brandt suggested that Solana could experience a significant upsurge if it maintains support at $120.
According to VanEck’s report on Sept. 25, Solana is poised to hit $330, representing 50% of Ethereum’s current market capitalization. Despite its promising outlook, institutional investors have been slow to recognize Solana’s potential, possibly due to reluctance to shift from established coins like Ether.
However, Solana faces increasing competition, with analysts highlighting Sui Network as a potential rival. As the top alternative layer-1 network to Ethereum, Solana must remain vigilant against emerging threats.
The SOL/BTC pair exhibits a symmetrical triangle pattern, typically signaling a continuation of the current trend. The 20-week exponential moving average and the relative strength index suggest a balanced outlook with no clear advantage for either buyers or sellers.
If the price remains above the 20-week EMA, a breakout above the resistance line could propel the pair towards new highs. Conversely, a breakdown below the triangle could result in a decline towards lower support levels.
As the pair hovers within the triangular pattern, traders must exercise caution and await a confirmed breakout before making significant moves. Investment decisions should be made after thorough research and analysis, as all trading activities involve risks.
Get ready for the exciting ride ahead as Solana’s SOL/BTC pair navigates its way through key levels and potential breakouts in the coming days. Will it soar to new heights or face a challenging descent? Only time will tell.