Despite anticipation surrounding the upcoming Solana Breakpoint 2024 conference, Solana's price (SOL) has been struggling to keep pace with Bitcoin (BTC). This has surprised many Solana supporters who expected the event to generate more interest and a subsequent price surge.
An analysis of the SOL/BTC pair shows it hit a quarterly high of 0.0021 on July 29, with Solana priced at $194 and Bitcoin trading above $70,000. This pair measures how much of Bitcoin's price Solana represents. A rise suggests Solana outperforming Bitcoin, while a drop indicates Bitcoin's dominance. Recent charts show a 13% decline from that peak, averaging this year's performance more modestly.
BeInCrypto previously suggested that the Solana Breakpoint could drive SOL prices higher. However, prominent crypto trader Benjamin Cowen warns that SOL/BTC might follow ETH/BTC's pattern, which has shown significant weakness lately. Cowen commented that some Solana supporters might be overlooking parallels between SOL/BTC and ETH/BTC pairs.
Predictive analysis based on daily timeframe data shows that Solana's price has fallen to $130, below the middle band of the Bollinger Bands (BB). This technical indicator is key for gauging price volatility. Recently, the BB contracted, which may indicate stagnation in SOL's price movement in the short term. The $150 price point has become a resistance level, potentially hindering SOL's upward movement.
If Solana fails to break above the $150 resistance, it could drop below the $125 support level. Conversely, an increase in buying pressure during the Solana Breakpoint 2024 could propel the price towards the $180 region.
