Solana's Price Woes

Solana's price continues to struggle against Bitcoin, with analysts drawing similarities to Ethereum's recent price slump. The cryptocurrency needs to hold above the crucial $120 support level to avoid a potential correction below $100.

Downward Trend Continues

According to market analysts, Solana's (SOL) price could see further downside against Bitcoin (BTC) as the SOL/BTC pair follows a similar pattern to the ETH/BTC pair, which recently hit a three-and-a-half-year low.

Potential Correction Looming

Pseudonymous trader Crypto Hodler's technical analysis suggests that Solana could potentially correct below the $100 level if it fails to hold the $120 support. However, some analysts like Atlas expect a trend reversal for Solana.

Echoing Ethereum's Struggles

The analysis of Solana's price performance against Bitcoin highlights the similarities to Ethereum's recent struggles, as the second-largest cryptocurrency also experienced a significant decline against Bitcoin.

The Solana-Bitcoin price dynamic underscores the volatility and interconnectedness within the cryptocurrency market, where the performance of one asset can have ripple effects on others. Investors will closely monitor Solana's ability to maintain the crucial $120 support level.

Source: https://cointelegraph.com/news/solana-ethereum-sol-price-continues-slump-bitcoin

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