Evans Karanja
Solana price has been greatly affected by the meme coin season on that network. SOL price saw over 990% gains Year-over-year (YOY), making it the best-performing top 10 crypto in the last 12 months.
On the other hand, Bitcoin price is struggling to stay above the 70,000 mark despite growing adoption and strong fundamentals. The price of Solana hovered around $160 during European trading hours on Monday, a 1.7% increase in the last 24 hours, but a 2% decrease in 7 days.
SOL/BTC Price Analysis: Solana Price May Rally 15% If This Breakout Happens
SOL price is currently trending above the 50-day and 200-day moving averages, a bullish indicator for the asset. Furthermore, Solana’s price has been trending in a falling wedge pattern for the past 21 days. This pattern has a higher probability of breaking out to the upside.
On the macro scale, the SOL price is also on an uptrend, forming higher lows as it moves up. The last push upward resulted in a price rally from $137 to $188. Since then, price action has retraced to the 0.618 Fibonacci retracement level. This level is also famous for providing bounce support during a correction.
SOL price may rally back up to the 0.27 Fibonacci extension level around $202, marking a 26% increase from the current price. This surge in price may also push it out of the falling wedge. On the way up, Solana price may experience resistance around $188, $196, and $200.
Bitcoin, on the other hand, continues to aim for the previous all-time high but fails to break it. BTC price is now in a consolidation zone, which may go on for some time. A break to the upside may result in a rally to $74,123, a new all-time high. Conversely, $67,000 may provide strong support for the king of cryptos.
SOL/BTC Price Future Outlook
According to information from The Block, Solana network saw nearly half a million tokens launched last month. Similarly, the number of active addresses hit an all-time high of 1.78 million on May 31, 2024. These metrics show the increasing adoption of the Solana network, and price may soon catch up with it.
On the flip side, Bitcoin crusaders continued their crusade as a giant Bitcoin logo was projected on the European Central Bank (ECB). This has been a trend among Bitcoin maxis and shows a revolution is brewing up in the financial sector.
Bottom Line
As Solana continues to dominate smart contract networks, Bitcoin slowly cements its dominance in world governments and institutions. When the bull runs set in, these two may be top runners.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
