As Bitcoin (BTC) soars into price discovery after making a new all-time high, Solana (SOL) may be waking up from what has been a relatively quiet period over the past few weeks, at least in comparison with its major layer 1 competitors.
SOL/USDT up against major resistance barrier
Source: TradingView
For the SOL/USDT pair, it can be seen that the $SOL price is now right up against the first of a band of very strong resistances. With the Stochastic RSI indicators on the weekly approaching the top of their trajectory, $SOL bulls have to take this chance to pierce through this daunting barrier. If they can do so, the next target would be the $202 resistance.
What $SOL bulls want, isn’t for the Stochastic RSI indicators to just cross over and turn down, but to stay at the top for an extended period of time, just as was the case for a 7-week period in Q4 of 2023.
Price momentum soon to pass from $ETH to $SOL
Source: TradingView
Against $ETH (SOL/ETH) the $SOL price has been under the cosh for the last month, as $ETH went into an extended surge against USDT. That said, if one looks at the SOL/ETH chart it can be noted that this was likely just a corrective impulse. As long as $SOL can stay above the ascending trendline, and the strong support levels below, the tables could start to turn in $SOL’s favour soon.
The Stochastic RSI in the weekly time frame has the indicators still heading downward, but they could hit bottom in the next couple of weeks or so, and then turn back up to pass price momentum back to $SOL.
$SOL has much to do against $BTC
Source: TradingView
Against its $BTC pair (SOL/BTC), $SOL has a lot to do. After falling out of the big triangle SOL/BTC found itself below two major horizontal resistance levels. $SOL is battling against the first one without success so far, and time is running short with the Stochastic RSI indicators starting to approach the top.
If $SOL could break the resistances, get back into the triangle, and break out of the top, this would be a wondrous sequence of events for the $SOL bulls. As it stands, this is not looking likely. Huge price momentum needs to come in for $SOL and it needs to arrive soon.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
