Technical Analysis

SOL BTC ratio today: Will 0.0028 resistance trigger a bullish move?

Updated: Aug 27, 2024

Published: Aug 14, 2024

What is Solana: Solana (SOL) is a high-performance blockchain designed for fast and scalable decentralized applications and cryptocurrencies. Launched by Solana Labs in 2017, Solana is celebrated for its ability to process thousands of transactions per second with low fees, making it a popular choice for developers and users alike. At Cryptonary, we are most bullish on Solana for this cycle, considering it the play of the cycle due to its robust technology and growing ecosystem.

SOL/BTC

Current state: SOL/BTC is currently trading within a bullish structure, consolidating above the 200 EMA on the daily timeframe. The price has been squeezing in, breaking out of the downtrend line, and eventually retesting both the trendline and the 200 EMA after the breakout. This retest has established a new support level around the 0.0024 area.

Key observations

Support: The 0.0024 area is currently providing strong support, reinforced by the confluence of the trendline retest and the 200 EMA.
Resistance: On the upside, the price is facing resistance around the 0.0028 area. This is the upper boundary of the current trading channel.
Potential scenario: If SOL/BTC manages to break out of the 0.0028 resistance, it could trigger a significant upward move, potentially driving SOL to retest its all-time high of 0.0047.

Chart showing SOL BTC trading on Binance, indicating resistance at 0.0027831 and support near 0.0023839 with recent price movements.

Conclusion

SOL/BTC is poised within a crucial trading channel, with strong support at 0.0024 and resistance at 0.0028. A breakout from this channel could lead to SOL significantly outperforming BTC and the broader market, with the potential to retest its ATH as the market lifts off.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

Solana's ATH is $260.

How to Buy SOL:

Via Phantom Wallet:
1. Deposit Solana tokens by copying your Phantom wallet address and transferring funds.
2. Use the ‘deposit’ button for other purchase options, though fees may be higher.
3. Swap tokens within the wallet by selecting the type and amount, setting slippage tolerance, and confirming the swap.
Via Centralized Exchange (CEX):
1. Choose a CEX like Binance, Coinbase, or Kraken.
2. Create and verify your account.
3. Deposit fiat or other cryptocurrencies.
4. Navigate to the SOL trading section and complete your purchase.