Solana Must Reclaim Momentum In The Coming Weeks – SOL/BTC Ratio At A Pivotal Point
Solana is currently trading at $197, down 13% from the local high set earlier this week. The broader cryptocurrency market is experiencing a high degree of hesitancy, and as Bitcoin struggles to recapture the key $100,000 level, some concerns are creeping in. This hesitation has had a ripple effect across altcoins, including Solana, which has seen its recent momentum stall.
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Top analyst Jelle has shared a technical analysis of X, highlighting that $SOL/BTC could be a key pair to monitor in the coming weeks. Jelle said Solana’s performance on Bitcoin could provide important insights into its potential trajectory. While Solana remains favored by the market due to its strong ecosystem and innovative developments, its ability to regain strength relative to BTC may affect investor sentiment.
as Solana continues to test key support levelsmarket participants are closely watching for signs of a breakout or further consolidation. The coming weeks are likely to be decisive for Solana’s price action, setting the tone for its performance in the coming months. Will Solana bounce back to its highs, or will market uncertainty push it lower? During this turbulent time, investors are waiting for clear signals.
Solana enters critical stage
Solana is trading just above the key $190 support, which was previously a supply area and has now transformed into a demand area. This level is a key test for the asset as it seeks to consolidate its bullish trajectory. Solana has been forming higher lows, which is a positive sign of strength, but it still needs to recapture higher supply areas to confirm an ongoing bullish trend.
Top Analyst Jeller Recently shared his insights on Xstressing the importance of monitoring the SOL/BTC currency pair in the coming weeks. He noted that Solana is entering a bullish phase, but its performance relative to Bitcoin will be a key factor in determining its future direction.
Jelle said Solana must regain the 0.0022 level against BTC to send a strong signal and confirm its bullish outlook. If Solana fails to achieve this goal, Jelle said he would consider reallocating some of the risk back to Bitcoin.
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The current market indecision as Bitcoin struggles to break $100,000 has left many altcoins, including Solana, in a state of flux. A break above the 0.0022 level on the SOL/BTC chart would not only bolster confidence in Solana’s bullish potential, but also mark it as a strong contender for the current market rally.
Test key level requirements
Solana is currently trading at $196, within a key demand area between $193 and $200. This range becomes a key battleground for bulls and bears as Solana attempts to maintain its bullish trajectory. For bulls to regain control, price must decisively break above the $200 level, nullifying the bearish pressure and setting the stage for further gains.
To solidify its bullish structure, Solana needs to reclaim the $222 mark. Achieving this would set higher highs, boost investor confidence and signal the continuation of its uptrend. However, if it fails to break above $200, the price may face further downward pressure.
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On the other hand, loss of support at $193 could trigger a deeper correction. This could cause Solana to enter a consolidation phase, with the price stabilizing before attempting another breakout. This situation could lead to indecision in the market as investors wait for clear signs of a continuing trend.
Featured image from Dall-E, chart from TradingView
