Solana is gearing up for a potential price rally against Bitcoin as the SOL/BTC pair nears an upside breakout. After a long period of consolidation within a symmetrical triangle since March, SOL/BTC is making another attempt to break above the upper resistance line.

A successful attempt would therefore see Solana trade at a multi-month high. This analysis explores the possibility of this happening.

Solana seeks to surpass Bitcoin

The SOL/BTC pair represents the value of SOL in satoshis, the smallest unit of Bitcoin. It is currently at 0.0024 satoshis, indicating a 14% increase in the last 12 days.

In short, when the SOL/BTC pair appreciates, the value of SOL increases relative to BTC. This means that SOL assets are becoming more valuable in terms of BTC.

An analysis of the SOL/BTC pair on the daily chart reveals a rally towards the upper line of the symmetrical triangle within which the price has been trading since March. In short, when an asset is trading within this pattern, its price fluctuates between two converging trend lines, forming resistance and support levels.

Read more: Solana vs. Ethereum: A Definitive Comparison

Par SOL/BTC. Fonte: TradingView

Therefore, a break above this upper resistance would indicate that bullish forces have overcome bearish ones, confirming the potential for further price gains. Thus, the pair’s positive BoP readings suggest that such a breakout could be likely soon.

The SOL/BTC BoP, which measures the ratio of buying and selling pressure in the market, is currently at 0.8. When this indicator is positive (above zero), buying pressure is stronger than selling pressure in the market. This indicates that there are more buyers than sellers, pushing the price higher.

RSI & BoP do SOL/BTC. Fonte: TradingView

The pair’s Relative Strength Index (RSI) supports this bullish thesis. At the time of writing, the RSI is in an uptrend at 60.26. Therefore, signaling that SOL accumulation is high among market participants, outweighing all profit-taking efforts.

Price forecast

The SOL/BTC pair could be propelled to new highs if demand for Solana continues to outpace that of Bitcoin. Accordingly, readings from the Fibonacci Retracement tool suggest that a successful breakout above the resistance line will push it to 0.0031, a level last seen on March 18.

If this happens, SOL could trade above $200 for the first time in seven months.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Par SOL/BTC e SOL/USD. Fonte: TradingView

However, if Bitcoin gains strength against Solana and the attempt to break above the resistance fails, the pair may continue to trend inside the descending triangle. In such a scenario, it could drop to the support at 0.0021, taking Solana price to $133.58 if the buying pressure weakens significantly.

The article Solana could soon surpass Bitcoin; understand was first seen on BeInCrypto Brasil.