Altcoin Analysis: Solana (SOL) Struggles to Keep Pace with Bitcoin
Altcoin Analysis: Solana (SOL) Struggles Against Bitcoin
Despite the buzz surrounding the upcoming Solana Breakpoint 2024 conference, Solana's price (SOL) has been struggling to keep pace with Bitcoin (BTC). This is particularly surprising to Solana bulls, who expected the event to drive greater interest and lead to a price surge.
Solana Trails Bitcoin and Faces Risks from Ethereum
On July 29, the SOL/BTC pair reached a quarterly high of 0.0021, with Solana priced at $194 while Bitcoin traded above $70,000. The SOL/BTC pair indicates Solana's price fraction relative to Bitcoin. A rising value indicates Solana is outperforming Bitcoin, but a decline suggests the opposite.
- Despite a spike in late August, the daily chart shows a 13% decline from the peak, confirming that Solana has been struggling against Bitcoin in recent months.
- In a previous analysis, it was suggested that the Solana Breakpoint could serve as a bullish catalyst for SOL's price.
- Recent data, however, show that a repeat of past performance may be unlikely.
Prominent crypto trader Benjamin Cowen supports this outlook, indicating that SOL/BTC might follow a pattern similar to ETH/BTC, which has displayed notable weakness.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.