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Solana price drops behind Bitcoin ahead of Breakpoint 2024

Solana price drops behind Bitcoin ahead of Breakpoint 2024

GrafaGrafa2024/09/19 00:40
By:Isaac Francis

Solana’s (CRYPTO:SOL) price has been trailing behind Bitcoin (CRYPTO:BTC) despite anticipation surrounding the upcoming Breakpoint 2024 conference. 

The SOL/BTC pair saw a notable drop, losing 13% in value over the past weeks, leaving investors cautious about the token’s near-term prospects. 

The SOL/BTC pair peaked at 0.0021 on July 29 when Solana was priced at $194, while Bitcoin traded above $70,000. 

However, the pair has since declined, indicating Bitcoin's outperformance over Solana. 

By mid-September, the SOL/BTC pair dropped to 0.0019, suggesting that Solana has struggled to keep up with Bitcoin's price movements. 

Analyst Benjamin Cowen highlighted that SOL might follow Ethereum's underperformance against Bitcoin, cautioning Solana bulls about potential further drops. 

"SOL maxis are too busy laughing at ETH to recognise that SOL/BTC is just following ETH/BTC," Cowen remarked, emphasising a possible repeat of Ethereum’s weak performance against Bitcoin. 

Currently, Solana’s price faces resistance at $150, a critical level that could determine the token’s future direction. 

Technical analysis suggests that failure to break this resistance could push the price lower, potentially below $125. 

While the Bollinger Bands have contracted, signaling less volatility in the short term, there’s still potential for an upward breakout. 

Increased buying pressure as the Breakpoint 2024 event approaches might drive SOL's price toward the $180 level. 

However, if selling pressure dominates, Solana may see further declines before the conference begins.

At the time of reporting, the Solana (SOL) price was $135.62, and the Bitcoin (BTC) price was $62,310.71.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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