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?
<h2 id="sol-btc-headed-for-more-downside-analyst">SOL/BTC headed for more downside: Analyst</h2>
Solana’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="https://cointelegraph.com/solana-price-index">SOL</a>) price could see more downside against Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) price, according to Benjamin Cowen, CEO and founder of Into The Cryptoverse.
Cowen <a data-ct-non-breakable="null" href="https://x.com/intocryptoverse/status/1835722901187711265/photo/1" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/intocryptoverse/status/1835722901187711265/photo/1">wrote</a> in a Sept. 17 X post:
<blockquote>
 “SOL maxis are too busy laughing at ETH to recognize that SOL/BTC is just following ETH/BTC.”
</blockquote>
<figure>
 <img alt="Is Solana following Ethereum? SOL price&nbsp;continues slump vs. Bitcoin" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920084-6240-7141-9f32-a2d22c6c2544">
 <figcaption style="text-align: center;">
 SOL/BTC and ETH/BTC, 1-week chart. Source: Benjamin Cowen
 </figcaption>
</figure>
Cowen’s analysis comes a day after Ether’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) price against Bitcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-40-month-low-bitcoin-bottom" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ethereum-40-month-low-bitcoin-bottom">hit a three-and-a-half-year low</a> 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 <a data-ct-non-breakable="null" href="https://x.com/MysHodler/status/1835978988184854735/photo/1" rel="null" target="null" text="null" title="null">shared</a> the below chart in a Sept. 17 X post.
<figure>
 <img alt="Is Solana following Ethereum? SOL price&nbsp;continues slump vs. Bitcoin" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920084-b4f1-78bf-b354-a86c75f1f853">
 <figcaption style="text-align: center;">
 SOL/USDT, perps, 1-day chart. Source: Crypto Hodler/X
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-3-month-historic-rally-analysts-92k-btc" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-3-month-historic-rally-analysts-92k-btc">Bitcoin set for 3-month historic rally as analysts eye $92K BTC</a>
<h2 id="can-solana-hold-above-120-support">Can Solana hold above $120 support?</h2>
Despite the concerns over potential correction, others expect a trend reversal, including popular analyst Atlas, who <a data-ct-non-breakable="null" href="https://x.com/AtlasTradez/status/1835729052549914821/photo/1" rel="null" target="null" text="null" title="null">wrote</a> in a Sept. 16 X post:
<blockquote>
 “Think we are setting up for a reversal trend by weekly close.”
</blockquote>
<figure>
 <img alt="Is Solana following Ethereum? SOL price&nbsp;continues slump vs. Bitcoin" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920085-19f3-7395-baab-be16b8d669a9">
 <figcaption style="text-align: center;">
 SOL/USDT, 3-day chart. Source: Atlas/X
 </figcaption>
</figure>
Others believe that the Solana chart is in a “much better shape than Ethereum,” including crypto analyst Patric H., who <a data-ct-non-breakable="null" href="https://x.com/CryptelligenceX/status/1835908154334331253" rel="null" target="null" text="null" title="null">wrote</a> in a Sept. 17 X post:
<blockquote>
 “We can see a clear support area between $125 and $118 that continues to hold during major market corrections. That is a clear buying area for me, with invalidation tight below $118.”
</blockquote>
<figure>
 <img alt="Is Solana following Ethereum? SOL price&nbsp;continues slump vs. Bitcoin" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920086-4a27-7ac7-8ec8-bcbd4d8a90fd">
 <figcaption style="text-align: center;">
 SOL/USD, 1-week chart. Source: Patric H./X
 </figcaption>
</figure>
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 <a data-ct-non-breakable="null" href="https://x.com/wagmisaurus/status/1836027154808684813" rel="null" target="null" text="null" title="null">shared</a> in a Sept. 17 X post.
<figure>
 <img alt="Is Solana following Ethereum? SOL price&nbsp;continues slump vs. Bitcoin" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920086-d91c-7a42-8254-34e75bca4a89">
 <figcaption style="text-align: center;">
 SOL/USDT, 1-month chart. Source: Wagmisaurus Rex/X
 </figcaption>
</figure>
Solana’s price remains over 48% down from its all-time high of $260, recorded three years ago on Nov. 6, 2021.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-volatility-us-interest-rate-decision-analysts" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-volatility-us-interest-rate-decision-analysts">Bitcoin poised for volatility ahead of US interest rate decision — Analysts</a>
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.

Is Solana following Ethereum? SOL price continues slump vs. Bitcoin

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