Solana is on the verge of a potential price surge against Bitcoin as the SOL/BTC pair aims for a bullish breakout. After months of consolidation within a symmetrical triangle since March, SOL/BTC is preparing to breach the upper resistance line.
Currently, the SOL/BTC pair stands at 0.0024, indicating a 14% rally over the past 12 days. A successful breakout would mean SOL’s value increases relative to BTC, making SOL holdings more valuable in terms of BTC.
Chart analysis shows the pair trending towards the upper line of the symmetrical triangle, between converging resistance and support levels. A breakout above the resistance suggests bullish momentum.
The Balance of Power (BoP) indicator, at 0.8, points to stronger buying pressure compared to selling pressure. This positive reading supports the possibility of a breakout.
The Relative Strength Index (RSI) is also in an uptrend at 60.26, indicating high SOL accumulation and robust buying activity.
A Fibonacci Retracement tool suggests a breakout could drive SOL/BTC to 0.0031, last seen in March. This may push SOL to trade above $200 for the first time in seven months.
However, if Bitcoin strengthens and the breakout fails, the pair could decline to 0.0021, reducing SOL’s price to around $133.58.
