Solana (SOL) has recently entered a period of remarkable weakness in the cryptocurrency market. SOL, which has been below the $ 100 level for about three months, has noticeably lost power against both the dollar and Bitcoin (BTC). It is observed that for the first time since 2020, the price of SOL has fallen below $ 100 for such a long time.
Solana’s Performance Against Bitcoin Is Declining
SOL/BTC parity, which is closely followed in the crypto market, shows that Solana’s trend is still downwards on weekly charts. According to the current SOL/BTC chart shared by Crypto Moe, Solana was unable to sustain its upward move at the beginning of 2024 and failed to break the downtrend by staying below a strong resistance curve.
The curve marked especially in blue on the chart reveals that SOL could not move upwards against BTC despite several attempts, and each upward attempt was limited to this curve. Solana remains weak against Bitcoin compared to late last year and price movements remain close to the support zone.
The green zone, which stands out in the analysis, draws attention as a support area where a base was previously formed during the 2023 consolidation period. Crypto Moe states that SOL/BTC may react more clearly if it declines to this region.
“The real strengthening signal of SOL will come with a clear move above the blue resistance curve. Currently, the downtrend is dominant and a definitive reversal is not visible.”
In light of these developments, if Bitcoin moves upwards, there is a possibility that SOL will rise in dollar terms; However, the charts indicate that the weakness against BTC continues.
Solana Stayed Below $100 for 88 Days
Looking at the SOL/USD parity, Solana has spent the last 88 days at a price below the $100 level, according to the chart shared by ChiefraT. SOL, which was last priced around $84, dropped below $100 at the beginning of February and has not been able to rise above this psychological threshold since then.
In Solana, which has remained below $100 for such a long time since 2020, the price generally followed a horizontal course after the sharp decline in February. During this 88-day period, the price fluctuated between $78 and $96, with the lower band being protected by buyers several times.
SOL, which has not been able to stay below $ 100 in every attempt, currently sees the $ 100 level as the strongest resistance point. If there is a permanent close above this level, the perception that the long-term weak period is over may strengthen.
ChiefraT shared his assessment, “This is Solana’s longest sub-$100 pricing period since 2020.”
In the short term, the $81 level stands out as support for SOL, while a broader support area is around $78. If this area breaks downwards, the low levels in February may come to the fore again.
In summary, the latest data reveals that resistances must be overcome for Solana to gain new momentum against both the US Dollar and Bitcoin. Although SOL remains fragile as of now, the potential for a strong recovery based on BTC or dollar continues to be on analysts’ radar.
