As an analyst with a background in traditional financial markets and having closely followed the cryptocurrency space for several years now, I find Solana’s ($SOL) resilience during this market downturn particularly intriguing.
In the chaos of the recent cryptocurrency market downturn, Solana’s ($SOL) performance remains robust, particularly when compared to Bitcoin ($BTC) and Ethereum ($ETH). Could this be an indicator of positive trends ahead for Solana?
On Friday, Bitcoin (BTC) has seen a decline of approximately 4.3%, leaving many investors in the crypto sector apprehensive about potential further losses. In contrast, Solana (SOL) is holding its ground relatively well amidst this market turbulence. Notably, several altcoins are performing significantly worse than Bitcoin, making SOL’s resilience even more noteworthy.
Can $SOL hold here?
The price of Solana’s USDT pair has dropped by more than 1% on Friday. It remains to be seen if Solana can hold within its triangle formation, which also aligns with the 0.618 Fibonacci level. If it breaks below and confirms this move by the end of the week, $112 could become a potential support level.
$SOL consolidating against $BTC
As a researcher studying the cryptocurrency market, I’ve noticed that Solana ($SOL) is exhibiting sideways price action when compared to Bitcoin ($BTC), confined within a specific range. The lower boundary of this range can be found at the 0.618 Fibonacci level, which is robustly supported by buyers around 0.0018 satoshis (sats) below it. On the other hand, the upper limit of the range sits at 0.0026, where sellers have displayed notable resistance above 0.0029 sats. So far in the current trading session, $SOL has experienced a 4% increase against Bitcoin.
$SOL heads into top half of range against $ETH
With regard to the $ETH vs. $SOL comparison, it’s worth noting that $SOL has outperformed, recording a 5.4% increase on Friday alone. The SOL/ETH trading pair exhibits a substantial range, extending from a support level at 0.033 ETH to a resistance at 0.055 ETH. Notably, the $SOL price has effectively transformed 0.042 ETH into a new support level. Subsequently, the next potential objective for $SOL could be reaching 0.05.
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2024-07-05 14:13