Is Solana the Hidden Gem in the Bearish Crypto Landscape?

During the current cryptocurrency market downturn, Solana ($SOL) has performed well compared to Bitcoin ($BTC) and Ethereum ($ETH).

As of Friday, $BTC has declined by approximately 4.3%, leaving the entire crypto investment landscape speculating on how much further it might fall. In contrast, $SOL has held up remarkably well. Many altcoins have fared worse than $BTC, making Solana’s relative strength even more surprising.

On Friday, the $SOL price against $USDT dipped slightly by 1%. Whether $SOL can stay within its triangular pattern remains to be seen. This triangle also intersects with the 0.618 Fibonacci level. If the triangle breaks below and confirms this breach before Friday’s close, $112 could be the next critical support level.

Compared to its $BTC pair, $SOL’s price trend has been consolidating within a certain range. The bottom of this range is marked by the 0.618 Fibonacci level, with strong support around 0.0018. The upper boundary is at 0.0026, where another robust resistance level lies at 0.0029. Currently, $SOL is up 4% against $BTC intraday.

Against $ETH, $SOL has performed even better, rising 5.4% so far on Friday. The SOL/ETH pair is within a larger range extending from the support level at 0.033 ETH to the top at 0.055 ETH. Having successfully converted 0.042 ETH into support, the next target for $SOL is 0.05.

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Positive