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While Bitcoin has been in a downtrend for the past 3 days, Solana (SOL) is once again outpacing $BTC and $ETH. If the next uptrend of the bull market begins, $SOL will likely continue to dominate Layer 1.
There is a lot going on right now as Bitcoin (BTC) tries to get back on track. The U.S. stock market moves, the Mt. Gox distribution, the FOMC meeting, and a host of other sources of noise are all vying for supremacy.
But when you turn off all that noise, the Bitcoin charts look great, and Solana looks even better. All it takes is $BTC to make a new all-time high, and $SOL will likely go up even faster.
$SOL fights against resistance
Source: TradingView
Against the US dollar pair, the $SOL price is fighting to break the resistance level of $185. A good support level is below $175. If more positive sentiment comes into the cryptocurrency, $SOL is expected to break higher and head towards the last major resistance level around $200.
Did $SOL hit an all-time high against $BTC?
Source: TradingView
Looking at the SOL/BTC pair, we can see on a macro level that the $SOL price is in a large range, within which the 0.618 Fibonacci acts as a great support level.
The price is currently rising within a rising wedge pattern, which is a bearish pattern. Also, the price has reached a resistance level. If the price breaks to the upside, it will be extremely bullish, but if $SOL is rejected, it is likely to correct back to the middle of the range at 0.00245 sats.
Is the SOL/ETH range about to break?
Source: TradingView
$SOL is approaching the top of the range against $ETH. The last breakout of the midpoint of the range was in mid-July, and now the price seems to be gathering itself for a final surge towards the range high of 0.059 ETH.
This particular level could be where the real battle between $SOL and $ETH begins. If there is a positive price action for $ETH, $SOL could be rejected at the top of the range, especially on the Spot Ethereum ETF.
However, if the $SOL price breaks above the range, it is expected to rise further to a level comparable to the market cap of $ETH, which is currently 4.7x larger than $SOL.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
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