Is Solana Mirroring Ethereum SOL Price Declines Further Against Bitcoin

Solana’s price could see more downside against Bitcoin as analysts draw similarities to the Ether price slump against Bitcoin. Can Solana hold above the $120 support?
SOL/BTC headed for more downside: Analyst
Solana’s (
SOL
) price could see more downside against Bitcoin’s (
BTC
) price, according to Benjamin Cowen, CEO and founder of Into The Cryptoverse.
Cowen
wrote
in a Sept. 17 X post:


SOL/BTC and ETH/BTC, 1-week chart. Source: Benjamin Cowen
Cowen’s analysis comes a day after Ether’s (
ETH
) price against Bitcoin
hit a three-and-a-half-year low
last seen in 2021.
Others fear more potential downside for Solana, including pseudonymous trader Crypto Hodler, whose technical analysis suggests a potential correction below $100. They
shared
the below chart in a Sept. 17 X post.


SOL/USDT, perps, 1-day chart. Source: Crypto Hodler/X
Related:
Bitcoin set for 3-month historic rally as analysts eye $92K BTC
Can Solana hold above $120 support?
Despite the concerns over potential correction, others expect a trend reversal, including popular analyst Atlas, who
wrote
in a Sept. 16 X post:


SOL/USDT, 3-day chart. Source: Atlas/X
Others believe that the Solana chart is in a “much better shape than Ethereum,” including crypto analyst Patric H., who
wrote
in a Sept. 17 X post:


SOL/USD, 1-week chart. Source: Patric H./X
However, Solana would need to rise above $162 for a potential upside breakout, which remains a significant resistance, added the analyst.
Popular crypto trader Wagmisaurus Rex also remains optimistic about SOL’s price, as long as it holds the $120 support, the trader
shared
in a Sept. 17 X post.


SOL/USDT, 1-month chart. Source: Wagmisaurus Rex/X
Solana’s price remains over 48% down from its all-time high of $260, recorded three years ago on Nov. 6, 2021.
Related:
Bitcoin poised for volatility ahead of US interest rate decision — Analysts
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.